Reported portfolio
Thomas Russo
Gardner Russo & Quinn LLC
Last update 2026-08-13
- Reported portfolio value
- $8,925,890,000
- Current positions
- 85
- Top five concentration
- 50.7%
- Largest position
- 12.1%
- New position
- 1
- Closed positions
- 2
Reported holdings
87 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
GOOG Alphabet Inc Cl C | 12.07% | Reduced 9.0% | 3,048,077−302,260 | $353 | $1,076,977,000+$115,899,000 | 13F2026-06-30 ↗ |
BRK/A Berkshire Hathaway Inc Cl A | 12.01% | Reduced 1.9% | 1,432−28 | $748,850 | $1,072,353,000+$23,869,000 | 13F2026-06-30 ↗ |
PM Philip Morris International In | 9.18% | Reduced 1.6% | 4,530,846−74,223 | $181 | $819,675,000+$58,273,000 | 13F2026-06-30 ↗ |
MA Mastercard Inc Cl A | 8.76% | Reduced 2.1% | 1,522,395−32,746 | $514 | $781,902,000+$4,860,000 | 13F2026-06-30 ↗ |
CFRHF Compagnie Financiere Richemont | 8.67% | Reduced 3.0% | 3,345,346−101,941 | $231 | $773,662,000+$179,272,000 | 13F2026-06-30 ↗ |
HKHHF Heineken Holding NV | 7.61% | Reduced 2.2% | 8,905,683−195,845 | $76 | $679,640,000+$36,276,000 | 13F2026-06-30 ↗ |
NSRGY Nestle SA Sponsored ADR | 6.11% | Reduced 3.0% | 5,314,898−166,816 | $103 | $545,787,000+$2,549,000 | 13F2026-06-30 ↗ |
BRK/B Berkshire Hathaway Inc Cl B | 6.05% | Reduced 2.8% | 1,079,364−31,065 | $500 | $540,103,000+$7,985,000 | 13F2026-06-30 ↗ |
SUNB Sunbelt Rentals Holdings Inc | 4.94% | Reduced 2.5% | 5,897,825−151,308 | $75 | $441,216,000+$47,478,000 | 13F2026-06-30 ↗ |
NFLX Netflix Inc | 4.57% | Added 1.8% | 5,710,088+99,422 | $71 | $407,700,000−$131,765,000 | 13F2026-06-30 ↗ |
MLM Martin Marietta Materials | 4.56% | Reduced 1.4% | 705,367−10,044 | $577 | $406,785,000−$14,363,000 | 13F2026-06-30 ↗ |
UBER Uber Technologies Inc | 4.11% | Reduced 1.7% | 5,084,015−89,389 | $72 | $366,863,000−$5,260,000 | 13F2026-06-30 ↗ |
ERFSF Eurofins Scientific | 3.60% | Added 32.2% | 4,094,034+997,630 | $78 | $320,909,000+$97,359,000 | 13F2026-06-30 ↗ |
DASH Doordash Inc Cl A | 2.45% | Added 18.5% | 1,186,104+184,909 | $185 | $218,872,000+$68,542,000 | 13F2026-06-30 ↗ |
PDRDF Pernod Ricard | 1.92% | Reduced 5.2% | 2,351,360−128,296 | $73 | $171,675,000−$11,805,000 | 13F2026-06-30 ↗ |
CMCSA Comcast Corp New Cl A | 0.60% | Reduced 2.6% | 2,193,660−59,446 | $25 | $53,854,000−$10,832,000 | 13F2026-06-30 ↗ |
BF/A Brown-Forman Corp Cl A | 0.49% | Reduced 3.0% | 1,597,815−50,063 | $27 | $43,716,000−$430,000 | 13F2026-06-30 ↗ |
V Visa Inc Cl A | 0.34% | Reduced 7.0% | 87,256−6,556 | $343 | $29,937,000+$1,583,000 | 13F2026-06-30 ↗ |
— Exxon Mobil Corp | 0.28% | New | 181,200+181,200 | $137 | $24,774,000+$24,774,000 | 13F2026-06-30 ↗ |
BF/B Brown-Forman Corp Cl B | 0.19% | Reduced 3.1% | 639,282−20,412 | $27 | $17,037,000−$405,000 | 13F2026-06-30 ↗ |
BUDFF Anheuser-Busch InBev SA | 0.16% | Reduced 6.9% | 171,294−12,716 | $83 | $14,230,000+$1,568,000 | 13F2026-06-30 ↗ |
MO Altria Group Inc | 0.12% | Reduced 9.6% | 148,603−15,858 | $72 | $10,692,000−$161,000 | 13F2026-06-30 ↗ |
CR Crane Company | 0.11% | Reduced 5.8% | 43,937−2,689 | $223 | $9,801,000+$1,828,000 | 13F2026-06-30 ↗ |
MKL Markel Corp | 0.09% | Reduced 13.9% | 4,265−689 | $1,953 | $8,330,000−$1,153,000 | 13F2026-06-30 ↗ |
JPM J.P. Morgan Chase | 0.09% | Reduced 83.4% | 24,719−124,079 | $327 | $8,091,000−$35,679,000 | 13F2026-06-30 ↗ |
UNP Union Pac Corp | 0.08% | Reduced 6.5% | 25,841−1,797 | $272 | $7,029,000+$323,000 | 13F2026-06-30 ↗ |
DOV Dover Corp | 0.05% | Reduced 1.4% | 18,851−275 | $224 | $4,228,000+$241,000 | 13F2026-06-30 ↗ |
GOOGL Alphabet Inc Cl A | 0.04% | Reduced 4.3% | 11,114−496 | $357 | $3,972,000+$633,000 | 13F2026-06-30 ↗ |
COST Costco Whsl Corp | 0.04% | Reduced 26.5% | 3,399−1,225 | $935 | $3,180,000−$1,428,000 | 13F2026-06-30 ↗ |
ABBV AbbVie Inc | 0.03% | Unchanged | 12,410 | $252 | $3,123,000+$424,000 | 13F2026-06-30 ↗ |
WRBY Warby Parker Inc Cl A | 0.03% | Unchanged | 80,000 | $30 | $2,427,000+$742,000 | 13F2026-06-30 ↗ |
VMC Vulcan Materials | 0.02% | Unchanged | 7,263 | $295 | $2,143,000+$165,000 | 13F2026-06-30 ↗ |
LEVI Levi Strauss & Co Cl A | 0.02% | Added 1.2% | 83,725+1,000 | $25 | $2,079,000+$549,000 | 13F2026-06-30 ↗ |
AKBLF ALK Abello A/S | 0.02% | Added 6.0% | 53,000+3,000 | $37 | $1,980,000+$421,000 | 13F2026-06-30 ↗ |
MKC McCormick Inc | 0.02% | Reduced 1.6% | 37,981−600 | $50 | $1,915,000−$31,000 | 13F2026-06-30 ↗ |
DELHF De'Longhi | 0.02% | Added 9.5% | 42,700+3,700 | $42 | $1,813,000+$466,000 | 13F2026-06-30 ↗ |
COCXF Lindt & Spruengli AG - Reg | 0.02% | Unchanged | 15 | $119,011 | $1,785,000−$347,000 | 13F2026-06-30 ↗ |
SSPPF SSP Group | 0.02% | Unchanged | 700,000 | $2 | $1,744,000+$129,000 | 13F2026-06-30 ↗ |
AXP American Express | 0.02% | Reduced 21.0% | 5,125−1,360 | $338 | $1,734,000−$228,000 | 13F2026-06-30 ↗ |
WILLF Demant A/S | 0.02% | Unchanged | 41,000 | $41 | $1,682,000+$456,000 | 13F2026-06-30 ↗ |
LRLCF Loreal SA | 0.02% | Unchanged | 3,705 | $439 | $1,625,000+$134,000 | 13F2026-06-30 ↗ |
FLMNF Fielmann | 0.02% | Unchanged | 33,000 | $49 | $1,615,000−$41,000 | 13F2026-06-30 ↗ |
KNCRF Konecranes | 0.02% | Unchanged | 52,500 | $31 | $1,613,000−$77,000 | 13F2026-06-30 ↗ |
RTLLF Rational AG | 0.02% | Unchanged | 2,200 | $732 | $1,611,000+$34,000 | 13F2026-06-30 ↗ |
FLUIF Fluidra | 0.02% | Unchanged | 70,000 | $23 | $1,585,000−$10,000 | 13F2026-06-30 ↗ |
LTSSF Lotus Bakeries | 0.02% | Unchanged | 115 | $13,285 | $1,528,000+$237,000 | 13F2026-06-30 ↗ |
MSFT Microsoft Corp | 0.01% | Added 1.1% | 3,584+40 | $373 | $1,337,000+$25,000 | 13F2026-06-30 ↗ |
AAPL Apple Inc | 0.01% | Reduced 3.2% | 4,601−150 | $289 | $1,331,000+$126,000 | 13F2026-06-30 ↗ |
CABJF Carlsberg B A/S | 0.01% | Added 2.7% | 10,135+263 | $131 | $1,328,000+$106,000 | 13F2026-06-30 ↗ |
SUNB Sunbelt Rentals Holdings ORD | 0.01% | Unchanged | 18,178 | $73 | $1,326,000+$187,000 | 13F2026-06-30 ↗ |
HINKF Heineken NV | 0.01% | Unchanged | 15,131 | $84 | $1,273,000+$117,000 | 13F2026-06-30 ↗ |
PUIGF Puig Brands | 0.01% | Unchanged | 68,000 | $18 | $1,254,000−$69,000 | 13F2026-06-30 ↗ |
PEP Pepsico Inc | 0.01% | Reduced 1.0% | 9,115−90 | $135 | $1,234,000−$195,000 | 13F2026-06-30 ↗ |
DVDCF Davide Campari-Milano NV | 0.01% | Reduced 3.4% | 195,048−6,965 | $6 | $1,215,000−$212,000 | 13F2026-06-30 ↗ |
KMROF Kalmar Oyj B | 0.01% | Added 1.9% | 27,500+500 | $44 | $1,208,000−$141,000 | 13F2026-06-30 ↗ |
YETI Yeti Holdings Inc | 0.01% | Unchanged | 24,000 | $50 | $1,189,000+$311,000 | 13F2026-06-30 ↗ |
NSRGF Nestle SA-REG | 0.01% | Unchanged | 11,130 | $103 | $1,146,000+$60,000 | 13F2026-06-30 ↗ |
HMRZF H&M | 0.01% | Unchanged | 64,000 | $17 | $1,102,000−$74,000 | 13F2026-06-30 ↗ |
FULT Fulton Finl Corp | 0.01% | Reduced 9.6% | 44,250−4,700 | $24 | $1,070,000+$75,000 | 13F2026-06-30 ↗ |
JBTM JBT Marel Corp | 0.01% | Unchanged | 7,250 | $145 | $1,051,000+$124,000 | 13F2026-06-30 ↗ |
ABT Abbott Labs | 0.01% | Unchanged | 11,510 | $91 | $1,044,000−$137,000 | 13F2026-06-30 ↗ |
ECTXF Electrolux Professional | 0.01% | Unchanged | 230,000 | $4 | $1,006,000−$210,000 | 13F2026-06-30 ↗ |
KO Coca-Cola | 0.01% | Reduced 5.2% | 12,350−675 | $81 | $1,004,000+$13,000 | 13F2026-06-30 ↗ |
PG Procter & Gamble | 0.01% | Reduced 29.0% | 6,554−2,675 | $147 | $961,000−$372,000 | 13F2026-06-30 ↗ |
WMT Wal Mart Stores Inc | 0.01% | Reduced 13.1% | 8,465−1,275 | $113 | $959,000−$252,000 | 13F2026-06-30 ↗ |
HRI Herc Holdings Inc | 0.01% | Unchanged | 6,450 | $143 | $925,000+$282,000 | 13F2026-06-30 ↗ |
LAMR Lamar Advertising Co-A | 0.01% | Unchanged | 5,368 | $156 | $837,000+$157,000 | 13F2026-06-30 ↗ |
ZLDSF Zalando SE | 0.01% | Unchanged | 28,000 | $29 | $812,000+$149,000 | 13F2026-06-30 ↗ |
FBLA FB Bancorp Inc | 0.01% | Unchanged | 50,000 | $15 | $753,000+$66,000 | 13F2026-06-30 ↗ |
WFC Wells Fargo | 0.01% | Added 0.0% | 7,451+1 | $83 | $616,000+$23,000 | 13F2026-06-30 ↗ |
SWZ Total Return Securities Fund | 0.01% | Unchanged | 97,667 | $6 | $580,000+$977 | 13F2026-06-30 ↗ |
HRL Hormel Foods Corp | 0.01% | Reduced 2.6% | 18,500−500 | $25 | $459,000+$29,000 | 13F2026-06-30 ↗ |
OUT Outfront Media Inc | 0.00% | Unchanged | 13,588 | $33 | $445,000+$85,000 | 13F2026-06-30 ↗ |
LTGIF LT Group Inc | 0.00% | Unchanged | 1,775,000 | $0 | $432,000+$3,000 | 13F2026-06-30 ↗ |
CVX Chevron Corp | 0.00% | Unchanged | 2,470 | $166 | $409,000−$102,000 | 13F2026-06-30 ↗ |
ORCL Oracle Corp | 0.00% | Reduced 24.6% | 2,715−885 | $147 | $398,000−$132,000 | 13F2026-06-30 ↗ |
UNM Unum Group | 0.00% | Reduced 8.3% | 3,485−315 | $89 | $312,000+$34,000 | 13F2026-06-30 ↗ |
JNJ Johnson & Johnson | 0.00% | Reduced 14.7% | 1,112−192 | $254 | $282,000−$36,000 | 13F2026-06-30 ↗ |
CAT Caterpillar Inc | 0.00% | Reduced 41.1% | 265−185 | $1,065 | $282,000−$37,000 | 13F2026-06-30 ↗ |
MCD McDonalds Corp | 0.00% | Unchanged | 947 | $270 | $256,000−$38,000 | 13F2026-06-30 ↗ |
DIS Disney Walt Productions | 0.00% | Reduced 1.0% | 2,492−25 | $96 | $240,000−$3,000 | 13F2026-06-30 ↗ |
AMZN Amazon.com Inc | 0.00% | Reduced 10.0% | 936−104 | $238 | $223,000+$6,000 | 13F2026-06-30 ↗ |
MRK Merck Inc | 0.00% | Reduced 23.3% | 1,642−499 | $129 | $211,000−$47,000 | 13F2026-06-30 ↗ |
CIR Cofide SPA | 0.00% | Unchanged | 251,250 | $1 | $200,000+$4,000 | 13F2026-06-30 ↗ |
PHJMF Hanjaya Mandala Sampoerna | 0.00% | Unchanged | 5,000,000 | $0 | $187,000−$26,000 | 13F2026-06-30 ↗ |
XOM Exxon Mobil Corp | 0.00% | Exited | 0−193,950 | $170 | $0−$32,906,000 | 13F2026-06-30 ↗ |
GNRC Generac Holdings Inc | 0.00% | Exited | 0−2,250 | $195 | $0−$439,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | Alphabet Inc Cl C | 12.07% | 3,048,077 | $1,076,977,000 |
| BRK/A | Berkshire Hathaway Inc Cl A | 12.01% | 1,432 | $1,072,353,000 |
| PM | Philip Morris International In | 9.18% | 4,530,846 | $819,675,000 |
| MA | Mastercard Inc Cl A | 8.76% | 1,522,395 | $781,902,000 |
| CFRHF | Compagnie Financiere Richemont | 8.67% | 3,345,346 | $773,662,000 |
| HKHHF | Heineken Holding NV | 7.61% | 8,905,683 | $679,640,000 |
| NSRGY | Nestle SA Sponsored ADR | 6.11% | 5,314,898 | $545,787,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.05% | 1,079,364 | $540,103,000 |
| SUNB | Sunbelt Rentals Holdings Inc | 4.94% | 5,897,825 | $441,216,000 |
| NFLX | Netflix Inc | 4.57% | 5,710,088 | $407,700,000 |
| MLM | Martin Marietta Materials | 4.56% | 705,367 | $406,785,000 |
| UBER | Uber Technologies Inc | 4.11% | 5,084,015 | $366,863,000 |
| ERFSF | Eurofins Scientific | 3.60% | 4,094,034 | $320,909,000 |
| DASH | Doordash Inc Cl A | 2.45% | 1,186,104 | $218,872,000 |
| PDRDF | Pernod Ricard | 1.92% | 2,351,360 | $171,675,000 |
| CMCSA | Comcast Corp New Cl A | 0.60% | 2,193,660 | $53,854,000 |
| BF/A | Brown-Forman Corp Cl A | 0.49% | 1,597,815 | $43,716,000 |
| V | Visa Inc Cl A | 0.34% | 87,256 | $29,937,000 |
| — | Exxon Mobil Corp | 0.28% | 181,200 | $24,774,000 |
| BF/B | Brown-Forman Corp Cl B | 0.19% | 639,282 | $17,037,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.16% | 171,294 | $14,230,000 |
| MO | Altria Group Inc | 0.12% | 148,603 | $10,692,000 |
| CR | Crane Company | 0.11% | 43,937 | $9,801,000 |
| MKL | Markel Corp | 0.09% | 4,265 | $8,330,000 |
| JPM | J.P. Morgan Chase | 0.09% | 24,719 | $8,091,000 |
| UNP | Union Pac Corp | 0.08% | 25,841 | $7,029,000 |
| DOV | Dover Corp | 0.05% | 18,851 | $4,228,000 |
| GOOGL | Alphabet Inc Cl A | 0.04% | 11,114 | $3,972,000 |
| COST | Costco Whsl Corp | 0.04% | 3,399 | $3,180,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $3,123,000 |
| WRBY | Warby Parker Inc Cl A | 0.03% | 80,000 | $2,427,000 |
| VMC | Vulcan Materials | 0.02% | 7,263 | $2,143,000 |
| LEVI | Levi Strauss & Co Cl A | 0.02% | 83,725 | $2,079,000 |
| AKBLF | ALK Abello A/S | 0.02% | 53,000 | $1,980,000 |
| MKC | McCormick Inc | 0.02% | 37,981 | $1,915,000 |
| DELHF | De'Longhi | 0.02% | 42,700 | $1,813,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 15 | $1,785,000 |
| SSPPF | SSP Group | 0.02% | 700,000 | $1,744,000 |
| AXP | American Express | 0.02% | 5,125 | $1,734,000 |
| WILLF | Demant A/S | 0.02% | 41,000 | $1,682,000 |
| LRLCF | Loreal SA | 0.02% | 3,705 | $1,625,000 |
| FLMNF | Fielmann | 0.02% | 33,000 | $1,615,000 |
| KNCRF | Konecranes | 0.02% | 52,500 | $1,613,000 |
| RTLLF | Rational AG | 0.02% | 2,200 | $1,611,000 |
| FLUIF | Fluidra | 0.02% | 70,000 | $1,585,000 |
| LTSSF | Lotus Bakeries | 0.02% | 115 | $1,528,000 |
| MSFT | Microsoft Corp | 0.01% | 3,584 | $1,337,000 |
| AAPL | Apple Inc | 0.01% | 4,601 | $1,331,000 |
| CABJF | Carlsberg B A/S | 0.01% | 10,135 | $1,328,000 |
| SUNB | Sunbelt Rentals Holdings ORD | 0.01% | 18,178 | $1,326,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,273,000 |
| PUIGF | Puig Brands | 0.01% | 68,000 | $1,254,000 |
| PEP | Pepsico Inc | 0.01% | 9,115 | $1,234,000 |
| DVDCF | Davide Campari-Milano NV | 0.01% | 195,048 | $1,215,000 |
| KMROF | Kalmar Oyj B | 0.01% | 27,500 | $1,208,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $1,189,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,130 | $1,146,000 |
| HMRZF | H&M | 0.01% | 64,000 | $1,102,000 |
| FULT | Fulton Finl Corp | 0.01% | 44,250 | $1,070,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $1,051,000 |
| ABT | Abbott Labs | 0.01% | 11,510 | $1,044,000 |
| ECTXF | Electrolux Professional | 0.01% | 230,000 | $1,006,000 |
| KO | Coca-Cola | 0.01% | 12,350 | $1,004,000 |
| PG | Procter & Gamble | 0.01% | 6,554 | $961,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 8,465 | $959,000 |
| HRI | Herc Holdings Inc | 0.01% | 6,450 | $925,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,368 | $837,000 |
| ZLDSF | Zalando SE | 0.01% | 28,000 | $812,000 |
| FBLA | FB Bancorp Inc | 0.01% | 50,000 | $753,000 |
| WFC | Wells Fargo | 0.01% | 7,451 | $616,000 |
| SWZ | Total Return Securities Fund | 0.01% | 97,667 | $580,000 |
| HRL | Hormel Foods Corp | 0.01% | 18,500 | $459,000 |
| OUT | Outfront Media Inc | 0.00% | 13,588 | $445,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $432,000 |
| CVX | Chevron Corp | 0.00% | 2,470 | $409,000 |
| ORCL | Oracle Corp | 0.00% | 2,715 | $398,000 |
| UNM | Unum Group | 0.00% | 3,485 | $312,000 |
| JNJ | Johnson & Johnson | 0.00% | 1,112 | $282,000 |
| CAT | Caterpillar Inc | 0.00% | 265 | $282,000 |
| MCD | McDonalds Corp | 0.00% | 947 | $256,000 |
| DIS | Disney Walt Productions | 0.00% | 2,492 | $240,000 |
| AMZN | Amazon.com Inc | 0.00% | 936 | $223,000 |
| MRK | Merck Inc | 0.00% | 1,642 | $211,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $200,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $187,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.34% | 1,460 | $1,048,484,000 |
| GOOG | Alphabet Inc Cl C | 11.31% | 3,350,337 | $961,078,000 |
| MA | Mastercard Inc Cl A | 9.15% | 1,555,141 | $777,042,000 |
| PM | Philip Morris International In | 8.96% | 4,605,069 | $761,402,000 |
| HKHHF | Heineken Holding NV | 7.57% | 9,101,528 | $643,364,000 |
| CFRHF | Compagnie Financiere Richemont | 7.00% | 3,447,287 | $594,389,000 |
| NSRGY | Nestle SA Sponsored ADR | 6.39% | 5,481,714 | $543,238,000 |
| NFLX | Netflix Inc | 6.35% | 5,610,666 | $539,466,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.26% | 1,110,429 | $532,118,000 |
| MLM | Martin Marietta Materials | 4.96% | 715,411 | $421,148,000 |
| SUNB | Sunbelt Rentals Holdings Inc | 4.63% | 6,049,133 | $393,738,000 |
| UBER | Uber Technologies Inc | 4.38% | 5,173,404 | $372,123,000 |
| ERFSF | Eurofins Scientific | 2.63% | 3,096,404 | $223,551,000 |
| PDRDF | Pernod Ricard | 2.16% | 2,479,656 | $183,480,000 |
| DASH | Doordash Inc Cl A | 1.77% | 1,001,195 | $150,329,000 |
| CMCSA | Comcast Corp New Cl A | 0.76% | 2,253,106 | $64,687,000 |
| BF/A | Brown-Forman Corp Cl A | 0.52% | 1,647,878 | $44,147,000 |
| JPM | J.P. Morgan Chase | 0.52% | 148,798 | $43,770,000 |
| XOM | Exxon Mobil Corp | 0.39% | 193,950 | $32,906,000 |
| V | Visa Inc Cl A | 0.33% | 93,812 | $28,354,000 |
| BF/B | Brown-Forman Corp Cl B | 0.21% | 659,694 | $17,442,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.15% | 184,010 | $12,662,000 |
| MO | Altria Group Inc | 0.13% | 164,461 | $10,853,000 |
| MKL | Markel Corp | 0.11% | 4,954 | $9,482,000 |
| CR | Crane Company | 0.09% | 46,626 | $7,973,000 |
| UNP | Union Pac Corp | 0.08% | 27,638 | $6,706,000 |
| COST | Costco Whsl Corp | 0.05% | 4,624 | $4,607,000 |
| DOV | Dover Corp | 0.05% | 19,126 | $3,987,000 |
| GOOGL | Alphabet Inc Cl A | 0.04% | 11,610 | $3,339,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $2,699,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.03% | 15 | $2,132,000 |
| VMC | Vulcan Materials | 0.02% | 7,263 | $1,978,000 |
| AXP | American Express | 0.02% | 6,485 | $1,962,000 |
| MKC | McCormick Inc | 0.02% | 38,581 | $1,946,000 |
| KNCRF | Konecranes | 0.02% | 52,500 | $1,690,000 |
| WRBY | Warby Parker Inc Cl A | 0.02% | 80,000 | $1,686,000 |
| FLMNF | Fielmann | 0.02% | 33,000 | $1,656,000 |
| SSPPF | SSP Group | 0.02% | 700,000 | $1,614,000 |
| FLUIF | Fluidra | 0.02% | 70,000 | $1,595,000 |
| RTLLF | Rational AG | 0.02% | 2,200 | $1,577,000 |
| AKBLF | ALK Abello A/S | 0.02% | 50,000 | $1,559,000 |
| LEVI | Levi Strauss & Co Cl A | 0.02% | 82,725 | $1,530,000 |
| LRLCF | Loreal SA | 0.02% | 3,705 | $1,491,000 |
| PEP | Pepsico Inc | 0.02% | 9,205 | $1,429,000 |
| DVDCF | Davide Campari-Milano NV | 0.02% | 202,013 | $1,427,000 |
| KMROF | Kalmar Oyj B | 0.02% | 27,000 | $1,349,000 |
| DELHF | De'Longhi | 0.02% | 39,000 | $1,347,000 |
| PG | Procter & Gamble | 0.02% | 9,229 | $1,333,000 |
| PUIGF | Puig Brands | 0.02% | 68,000 | $1,323,000 |
| MSFT | Microsoft Corp | 0.02% | 3,544 | $1,312,000 |
| LTSSF | Lotus Bakeries | 0.02% | 115 | $1,291,000 |
| WILLF | Demant A/S | 0.01% | 41,000 | $1,226,000 |
| CABJF | Carlsberg B A/S | 0.01% | 9,872 | $1,223,000 |
| ECTXF | Electrolux Professional | 0.01% | 230,000 | $1,217,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 9,740 | $1,210,000 |
| AAPL | Apple Inc | 0.01% | 4,751 | $1,206,000 |
| ABT | Abbott Labs | 0.01% | 11,510 | $1,182,000 |
| HMRZF | H&M | 0.01% | 64,000 | $1,177,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,156,000 |
| SUNB | Sunbelt Rentals Holdings ORD | 0.01% | 18,178 | $1,139,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,130 | $1,086,000 |
| FULT | Fulton Finl Corp | 0.01% | 48,950 | $996,000 |
| KO | Coca-Cola | 0.01% | 13,025 | $991,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $927,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $878,000 |
| FBLA | FB Bancorp Inc | 0.01% | 50,000 | $687,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,368 | $680,000 |
| ZLDSF | Zalando SE | 0.01% | 28,000 | $663,000 |
| HRI | Herc Holdings Inc | 0.01% | 6,450 | $642,000 |
| WFC | Wells Fargo | 0.01% | 7,450 | $593,000 |
| SWZ | Total Return Securities Fund | 0.01% | 97,667 | $579,000 |
| ORCL | Oracle Corp | 0.01% | 3,600 | $530,000 |
| CVX | Chevron Corp | 0.01% | 2,470 | $511,000 |
| GNRC | Generac Holdings Inc | 0.01% | 2,250 | $439,000 |
| HRL | Hormel Foods Corp | 0.01% | 19,000 | $430,000 |
| LTGIF | LT Group Inc | 0.01% | 1,775,000 | $428,000 |
| OUT | Outfront Media Inc | 0.00% | 13,588 | $360,000 |
| CAT | Caterpillar Inc | 0.00% | 450 | $319,000 |
| JNJ | Johnson & Johnson | 0.00% | 1,304 | $319,000 |
| MCD | McDonalds Corp | 0.00% | 947 | $294,000 |
| UNM | Unum Group | 0.00% | 3,800 | $278,000 |
| MRK | Merck Inc | 0.00% | 2,141 | $258,000 |
| DIS | Disney Walt Productions | 0.00% | 2,517 | $243,000 |
| AMZN | Amazon.com Inc | 0.00% | 1,040 | $217,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $213,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $196,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | Alphabet Inc Cl C | 13.32% | 3,931,197 | $1,233,610,000 |
| BRK/A | Berkshire Hathaway Inc Cl A | 12.12% | 1,488 | $1,123,142,000 |
| MA | Mastercard Inc Cl A | 9.77% | 1,585,999 | $905,415,000 |
| CFRHF | Compagnie Financiere Richemont | 8.21% | 3,502,105 | $760,539,000 |
| PM | Philip Morris International In | 8.13% | 4,697,508 | $753,480,000 |
| HKHHF | Heineken Holding NV | 7.28% | 9,200,276 | $674,248,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.11% | 1,125,395 | $565,680,000 |
| NSRGY | Nestle SA Sponsored ADR | 5.99% | 5,617,162 | $554,863,000 |
| NFLX | Netflix Inc | 5.07% | 5,004,765 | $469,247,000 |
| MLM | Martin Marietta Materials | 4.88% | 726,612 | $452,432,000 |
| UBER | Uber Technologies Inc | 4.54% | 5,145,060 | $420,403,000 |
| AHTGBP | Ashtead Group PLC | 4.51% | 6,111,758 | $418,101,000 |
| PDRDF | Pernod Ricard | 2.37% | 2,553,880 | $219,256,000 |
| DASH | Doordash Inc Cl A | 2.27% | 930,467 | $210,732,000 |
| JPM | J.P. Morgan Chase | 1.84% | 528,817 | $170,395,000 |
| CMCSA | Comcast Corp New Cl A | 0.74% | 2,300,197 | $68,753,000 |
| BF/A | Brown-Forman Corp Cl A | 0.47% | 1,668,094 | $43,888,000 |
| V | Visa Inc Cl A | 0.41% | 108,818 | $38,164,000 |
| XOM | Exxon Mobil Corp | 0.25% | 193,033 | $23,230,000 |
| BF/B | Brown-Forman Corp Cl B | 0.20% | 708,179 | $18,455,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.18% | 265,525 | $17,120,000 |
| MKL | Markel Corp | 0.15% | 6,279 | $13,498,000 |
| CR | Crane Company | 0.11% | 54,401 | $10,033,000 |
| MO | Altria Group Inc | 0.10% | 164,772 | $9,501,000 |
| UNP | Union Pac Corp | 0.06% | 24,984 | $5,779,000 |
| GOOGL | Alphabet Inc Cl A | 0.05% | 14,916 | $4,669,000 |
| AXP | American Express | 0.05% | 12,160 | $4,499,000 |
| COST | Costco Whsl Corp | 0.04% | 4,624 | $3,987,000 |
| DOV | Dover Corp | 0.04% | 19,526 | $3,812,000 |
| CABJF | Carlsberg B A/S | 0.03% | 23,091 | $3,033,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $2,836,000 |
| DGEAF | Diageo PLC | 0.03% | 129,805 | $2,800,000 |
| MKC | McCormick Inc | 0.03% | 40,666 | $2,770,000 |
| VMC | Vulcan Materials | 0.02% | 7,912 | $2,257,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 15 | $2,204,000 |
| KNCRF | Konecranes | 0.02% | 18,450 | $2,035,000 |
| SSPPF | SSP Group | 0.02% | 660,000 | $1,829,000 |
| MSFT | Microsoft Corp | 0.02% | 3,705 | $1,792,000 |
| PG | Procter & Gamble | 0.02% | 11,951 | $1,713,000 |
| FLUIF | Fluidra | 0.02% | 59,000 | $1,605,000 |
| LRLCF | Loreal SA | 0.02% | 3,705 | $1,595,000 |
| DVDCF | Davide Campari-Milano NV | 0.02% | 242,103 | $1,575,000 |
| DELHF | De'Longhi | 0.02% | 35,250 | $1,511,000 |
| ABT | Abbott Labs | 0.02% | 11,510 | $1,442,000 |
| WRBY | Warby Parker Inc Cl A | 0.02% | 65,000 | $1,416,000 |
| ECTXF | Electrolux Professional | 0.02% | 200,000 | $1,415,000 |
| PEP | Pepsico Inc | 0.02% | 9,794 | $1,406,000 |
| H | Hyatt Hotels Corp Cl A | 0.02% | 8,675 | $1,391,000 |
| WILLF | Demant A/S | 0.01% | 41,000 | $1,387,000 |
| FLMNF | Fielmann | 0.01% | 25,700 | $1,314,000 |
| HMRZF | H&M | 0.01% | 64,000 | $1,291,000 |
| AAPL | Apple Inc | 0.01% | 4,674 | $1,271,000 |
| AKBLF | ALK Abello A/S | 0.01% | 35,000 | $1,258,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,239,000 |
| PUIGF | Puig Brands | 0.01% | 68,000 | $1,188,000 |
| KMROF | Kalmar Oyj B | 0.01% | 24,000 | $1,143,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,165 | $1,132,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,130 | $1,106,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $1,092,000 |
| LTSSF | Lotus Bakeries | 0.01% | 115 | $1,060,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $1,060,000 |
| FULT | Fulton Finl Corp | 0.01% | 54,100 | $1,046,000 |
| LEVI | Levi Strauss & Co Cl A | 0.01% | 47,725 | $990,000 |
| HRI | Herc Holdings Inc | 0.01% | 6,450 | $957,000 |
| KO | Coca-Cola | 0.01% | 13,640 | $954,000 |
| SWZ | Swiss Helvetia FD Inc | 0.01% | 146,284 | $910,000 |
| ZLDSF | Zalando SE | 0.01% | 28,000 | $833,000 |
| PNC | PNC Bank Corp | 0.01% | 3,750 | $783,000 |
| RTLLF | Rational AG | 0.01% | 975 | $757,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $756,000 |
| WFC | Wells Fargo | 0.01% | 7,964 | $742,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $677,000 |
| FBLA | FB Bancorp Inc | 0.01% | 50,000 | $643,000 |
| HRL | Hormel Foods Corp | 0.01% | 19,835 | $470,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $446,000 |
| CVX | Chevron Corp | 0.00% | 2,670 | $407,000 |
| OUT | Outfront Media Inc | 0.00% | 15,677 | $378,000 |
| CAT | Caterpillar Inc | 0.00% | 550 | $315,000 |
| GNRC | Generac Holdings Inc | 0.00% | 2,250 | $307,000 |
| UNM | Unum Group | 0.00% | 3,800 | $295,000 |
| DIS | Disney Walt Productions | 0.00% | 2,510 | $286,000 |
| MCD | McDonalds Corp | 0.00% | 905 | $277,000 |
| AMZN | Amazon.com Inc | 0.00% | 1,040 | $240,000 |
| IBM | I B M | 0.00% | 750 | $222,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $217,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $207,000 |
| JNJ | Johnson & Johnson | 0.00% | 976 | $202,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.46% | 1,541 | $1,162,222,000 |
| GOOG | Alphabet Inc Cl C | 12.14% | 4,649,923 | $1,132,489,000 |
| MA | Mastercard Inc Cl A | 9.88% | 1,620,272 | $921,627,000 |
| PM | Philip Morris International In | 8.11% | 4,662,201 | $756,209,000 |
| CFRHF | Compagnie Financiere Richemont | 7.36% | 3,603,992 | $686,690,000 |
| HKHHF | Heineken Holding NV | 6.83% | 9,285,906 | $636,653,000 |
| NFLX | Netflix Inc | 6.61% | 514,425 | $616,754,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.26% | 1,161,394 | $583,879,000 |
| NSRGY | Nestle SA Sponsored ADR | 5.69% | 5,778,660 | $530,308,000 |
| UBER | Uber Technologies Inc | 4.95% | 4,710,841 | $461,521,000 |
| MLM | Martin Marietta Materials | 4.65% | 687,537 | $433,341,000 |
| AHTGBP | Ashtead Group PLC | 4.00% | 5,577,080 | $372,779,000 |
| PDRDF | Pernod Ricard | 2.84% | 2,700,641 | $265,094,000 |
| DASH | Doordash Inc Cl A | 2.70% | 926,363 | $251,961,000 |
| JPM | J.P. Morgan Chase | 1.84% | 545,030 | $171,919,000 |
| CMCSA | Comcast Corp New Cl A | 0.82% | 2,445,711 | $76,844,000 |
| BF/A | Brown-Forman Corp Cl A | 0.50% | 1,718,072 | $46,233,000 |
| V | Visa Inc Cl A | 0.45% | 122,264 | $41,738,000 |
| XOM | Exxon Mobil Corp | 0.23% | 191,742 | $21,619,000 |
| BF/B | Brown-Forman Corp Cl B | 0.22% | 765,768 | $20,737,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.18% | 282,215 | $16,845,000 |
| MKL | Markel Corp | 0.16% | 7,653 | $14,628,000 |
| MO | Altria Group Inc | 0.12% | 165,693 | $10,946,000 |
| CR | Crane Company | 0.11% | 56,476 | $10,399,000 |
| UNP | Union Pac Corp | 0.06% | 24,843 | $5,872,000 |
| AXP | American Express | 0.05% | 13,632 | $4,528,000 |
| COST | Costco Whsl Corp | 0.05% | 4,624 | $4,280,000 |
| GOOGL | Alphabet Inc Cl A | 0.04% | 15,486 | $3,765,000 |
| DOV | Dover Corp | 0.03% | 19,551 | $3,262,000 |
| VMC | Vulcan Materials | 0.03% | 9,897 | $3,045,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $2,873,000 |
| MKC | McCormick Inc | 0.03% | 41,591 | $2,783,000 |
| SWZ | Swiss Helvetia FD Inc | 0.03% | 434,237 | $2,640,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 15 | $2,255,000 |
| MSFT | Microsoft Corp | 0.02% | 3,505 | $1,815,000 |
| LRLCF | Loreal SA | 0.02% | 4,050 | $1,754,000 |
| WRBY | Warby Parker Inc Cl A | 0.02% | 61,000 | $1,682,000 |
| PG | Procter & Gamble | 0.02% | 10,920 | $1,678,000 |
| ABT | Abbott Labs | 0.02% | 11,510 | $1,542,000 |
| PEP | Pepsico Inc | 0.02% | 10,960 | $1,539,000 |
| SSPPF | SSP Group | 0.02% | 660,000 | $1,522,000 |
| KNCRF | Konecranes | 0.02% | 18,450 | $1,522,000 |
| FLMNF | Fielmann | 0.02% | 25,000 | $1,510,000 |
| FLUIF | Fluidra | 0.02% | 53,000 | $1,436,000 |
| WILLF | Demant A/S | 0.02% | 41,000 | $1,421,000 |
| CABJF | Carlsberg B A/S | 0.02% | 12,055 | $1,402,000 |
| DVDCF | Davide Campari-Milano NV | 0.01% | 210,353 | $1,327,000 |
| ECTXF | Electrolux Professional | 0.01% | 200,000 | $1,289,000 |
| DELHF | De'Longhi | 0.01% | 35,250 | $1,275,000 |
| H | Hyatt Hotels Corp Cl A | 0.01% | 8,675 | $1,231,000 |
| FULT | Fulton Finl Corp | 0.01% | 64,600 | $1,203,000 |
| AAPL | Apple Inc | 0.01% | 4,699 | $1,197,000 |
| HMRZF | H&M | 0.01% | 64,000 | $1,193,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,181,000 |
| LEVI | Levi Strauss & Co Cl A | 0.01% | 47,725 | $1,112,000 |
| PUIGF | Puig Brands | 0.01% | 68,000 | $1,093,000 |
| LTSSF | Lotus Bakeries | 0.01% | 115 | $1,084,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,165 | $1,048,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,170 | $1,026,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $1,018,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $977,000 |
| DROOF | Deliveroo PLC | 0.01% | 390,000 | $943,000 |
| KO | Coca-Cola | 0.01% | 13,640 | $905,000 |
| ZLDSF | Zalando SE | 0.01% | 28,000 | $856,000 |
| WFC | Wells Fargo | 0.01% | 10,149 | $851,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $796,000 |
| KMROF | Kalmar Oyj B | 0.01% | 20,000 | $792,000 |
| PNC | PNC Bank Corp | 0.01% | 3,750 | $753,000 |
| HRI | Herc Holdings Inc | 0.01% | 6,450 | $752,000 |
| RTLLF | Rational AG | 0.01% | 975 | $744,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $731,000 |
| FBLA | FB Bancorp Inc | 0.01% | 50,000 | $601,000 |
| HRL | Hormel Foods Corp | 0.01% | 19,835 | $491,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $465,000 |
| TFC | Truist Financial Corp | 0.00% | 9,355 | $428,000 |
| CVX | Chevron Corp | 0.00% | 2,670 | $415,000 |
| GNRC | Generac Holdings Inc | 0.00% | 2,250 | $377,000 |
| CAT | Caterpillar Inc | 0.00% | 700 | $334,000 |
| FMX | Fomento Economico Mex Sponsore | 0.00% | 3,218 | $317,000 |
| UNM | Unum Group | 0.00% | 3,800 | $296,000 |
| OUT | Outfront Media Inc | 0.00% | 15,690 | $287,000 |
| DIS | Disney Walt Productions | 0.00% | 2,510 | $287,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $245,000 |
| MCD | McDonalds Corp | 0.00% | 705 | $214,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $193,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.58% | 1,624 | $1,183,571,000 |
| MA | Mastercard Inc Cl A | 10.05% | 1,683,051 | $945,774,000 |
| GOOG | Alphabet Inc Cl C | 9.60% | 5,090,317 | $902,971,000 |
| PM | Philip Morris International In | 9.43% | 4,873,326 | $887,579,000 |
| NFLX | Netflix Inc | 7.72% | 542,334 | $726,256,000 |
| CFRHF | Compagnie Financiere Richemont | 7.44% | 3,728,315 | $699,996,000 |
| HKHHF | Heineken Holding NV | 6.65% | 8,430,646 | $625,942,000 |
| NSRGY | Nestle SA Sponsored ADR | 6.35% | 6,014,833 | $597,393,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.96% | 1,154,566 | $560,854,000 |
| UBER | Uber Technologies Inc | 4.86% | 4,896,722 | $456,864,000 |
| MLM | Martin Marietta Materials | 4.16% | 712,779 | $391,287,000 |
| AHTGBP | Ashtead Group PLC | 3.95% | 5,810,686 | $371,777,000 |
| PDRDF | Pernod Ricard | 2.98% | 2,824,214 | $280,466,000 |
| DASH | Doordash Inc Cl A | 2.53% | 966,760 | $238,316,000 |
| JPM | J.P. Morgan Chase | 1.77% | 573,700 | $166,321,000 |
| CMCSA | Comcast Corp New Cl A | 0.97% | 2,557,966 | $91,294,000 |
| BF/A | Brown-Forman Corp Cl A | 0.53% | 1,827,148 | $50,192,000 |
| V | Visa Inc Cl A | 0.48% | 126,944 | $45,071,000 |
| BF/B | Brown-Forman Corp Cl B | 0.22% | 778,521 | $20,950,000 |
| XOM | Exxon Mobil Corp | 0.22% | 190,301 | $20,514,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.22% | 296,300 | $20,257,000 |
| MKL | Markel Corp | 0.17% | 8,143 | $16,265,000 |
| CR | Crane Company | 0.12% | 59,355 | $11,271,000 |
| MO | Altria Group Inc | 0.12% | 191,440 | $11,224,000 |
| UNP | Union Pac Corp | 0.06% | 24,715 | $5,686,000 |
| COST | Costco Whsl Corp | 0.05% | 4,633 | $4,586,000 |
| AXP | American Express | 0.05% | 13,634 | $4,349,000 |
| DOV | Dover Corp | 0.04% | 21,551 | $3,949,000 |
| MKC | McCormick Inc | 0.03% | 41,976 | $3,183,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 15,729 | $2,772,000 |
| SWZ | Swiss Helvetia FD Inc | 0.03% | 434,237 | $2,753,000 |
| VMC | Vulcan Materials | 0.03% | 10,162 | $2,650,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.03% | 15 | $2,491,000 |
| ABBV | AbbVie Inc | 0.02% | 12,410 | $2,304,000 |
| MSFT | Microsoft Corp | 0.02% | 4,240 | $2,109,000 |
| KNCRF | Konecranes | 0.02% | 23,650 | $1,870,000 |
| WFC | Wells Fargo | 0.02% | 22,848 | $1,831,000 |
| PG | Procter & Gamble | 0.02% | 10,920 | $1,740,000 |
| LRLCF | Loreal SA | 0.02% | 4,050 | $1,726,000 |
| WILLF | Demant A/S | 0.02% | 41,000 | $1,704,000 |
| CABJF | Carlsberg B A/S | 0.02% | 11,967 | $1,690,000 |
| DVDCF | Davide Campari-Milano NV | 0.02% | 234,393 | $1,571,000 |
| ABT | Abbott Labs | 0.02% | 11,510 | $1,565,000 |
| FLMNF | Fielmann | 0.02% | 23,000 | $1,531,000 |
| PEP | Pepsico Inc | 0.02% | 10,960 | $1,447,000 |
| PUIGF | Puig Brands | 0.01% | 68,000 | $1,338,000 |
| FLUIF | Fluidra | 0.01% | 53,000 | $1,319,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,315,000 |
| SSPPF | SSP Group | 0.01% | 548,000 | $1,294,000 |
| WRBY | Warby Parker Inc Cl A | 0.01% | 58,000 | $1,272,000 |
| ECTXF | Electrolux Professional | 0.01% | 175,500 | $1,234,000 |
| FULT | Fulton Finl Corp | 0.01% | 68,200 | $1,230,000 |
| H | Hyatt Hotels Corp Cl A | 0.01% | 8,675 | $1,211,000 |
| DELHF | De'Longhi | 0.01% | 35,250 | $1,179,000 |
| RL | Ralph Lauren Corp Cl A | 0.01% | 4,100 | $1,125,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,285 | $1,118,000 |
| HRI | Herc Holdings Inc | 0.01% | 8,450 | $1,113,000 |
| LTSSF | Lotus Bakeries | 0.01% | 115 | $1,103,000 |
| HRL | Hormel Foods Corp | 0.01% | 35,581 | $1,076,000 |
| AAPL | Apple Inc | 0.01% | 5,149 | $1,056,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,165 | $994,000 |
| KO | Coca-Cola | 0.01% | 13,640 | $965,000 |
| DROOF | Deliveroo PLC | 0.01% | 390,000 | $940,000 |
| HMRZF | H&M | 0.01% | 64,000 | $892,000 |
| LEVI | Levi Strauss & Co Cl A | 0.01% | 47,725 | $882,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $872,000 |
| ZLDSF | Zalando SE | 0.01% | 26,000 | $853,000 |
| RTLLF | Rational AG | 0.01% | 975 | $815,000 |
| GNRC | Generac Holdings Inc | 0.01% | 5,650 | $809,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $760,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $756,000 |
| PNC | PNC Bank Corp | 0.01% | 3,950 | $736,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $725,000 |
| FBLA | FB Bancorp Inc | 0.01% | 55,000 | $619,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $405,000 |
| TFC | Truist Financial Corp | 0.00% | 9,280 | $399,000 |
| CVX | Chevron Corp | 0.00% | 2,670 | $382,000 |
| DIS | Disney Walt Productions | 0.00% | 2,818 | $349,000 |
| FMX | Fomento Economico Mex Sponsore | 0.00% | 3,368 | $347,000 |
| UNM | Unum Group | 0.00% | 3,800 | $307,000 |
| OUT | Outfront Media Inc | 0.00% | 15,690 | $256,000 |
| MCD | McDonalds Corp | 0.00% | 705 | $206,000 |
| DGEAF | Diageo PLC | 0.00% | 8,077 | $202,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $185,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $173,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 14.83% | 1,657 | $1,323,018,000 |
| MA | Mastercard Inc Cl A | 10.55% | 1,716,374 | $940,779,000 |
| GOOG | Alphabet Inc Cl C | 8.94% | 5,106,605 | $797,805,000 |
| PM | Philip Morris International In | 8.93% | 5,016,631 | $796,290,000 |
| CFRHF | Compagnie Financiere Richemont | 7.34% | 3,788,649 | $654,958,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 7.05% | 1,180,608 | $628,768,000 |
| NSRGY | Nestle SA Sponsored ADR | 6.97% | 6,143,739 | $621,562,000 |
| HKHHF | Heineken Holding NV | 6.59% | 8,139,838 | $588,228,000 |
| NFLX | Netflix Inc | 5.84% | 558,412 | $520,736,000 |
| MLM | Martin Marietta Materials | 3.83% | 714,252 | $341,505,000 |
| UBER | Uber Technologies Inc | 3.62% | 4,431,675 | $322,892,000 |
| AHTGBP | Ashtead Group PLC | 3.31% | 5,514,309 | $295,095,000 |
| PDRDF | Pernod Ricard | 3.19% | 2,882,247 | $284,129,000 |
| JPM | J.P. Morgan Chase | 2.87% | 1,043,354 | $255,935,000 |
| DASH | Doordash Inc Cl A | 1.63% | 793,665 | $145,058,000 |
| CMCSA | Comcast Corp New Cl A | 1.08% | 2,616,811 | $96,560,000 |
| BF/A | Brown-Forman Corp Cl A | 0.70% | 1,870,922 | $62,620,000 |
| V | Visa Inc Cl A | 0.51% | 130,701 | $45,805,000 |
| BF/B | Brown-Forman Corp Cl B | 0.31% | 820,796 | $27,858,000 |
| XOM | Exxon Mobil Corp | 0.25% | 189,469 | $22,534,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.23% | 338,650 | $20,822,000 |
| MKL | Markel Corp | 0.17% | 8,276 | $15,473,000 |
| MO | Altria Group Inc | 0.17% | 246,648 | $14,804,000 |
| CR | Crane Company | 0.10% | 60,305 | $9,238,000 |
| UNP | Union Pac Corp | 0.07% | 24,588 | $5,809,000 |
| WFC | Wells Fargo | 0.05% | 62,901 | $4,516,000 |
| COST | Costco Whsl Corp | 0.05% | 4,637 | $4,386,000 |
| VMC | Vulcan Materials | 0.05% | 18,737 | $4,371,000 |
| DOV | Dover Corp | 0.04% | 21,951 | $3,856,000 |
| AXP | American Express | 0.04% | 13,658 | $3,675,000 |
| MKC | McCormick Inc | 0.04% | 42,626 | $3,509,000 |
| SWZ | Swiss Helvetia FD Inc | 0.03% | 293,403 | $2,705,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $2,600,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 15,611 | $2,414,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 16 | $2,094,000 |
| PG | Procter & Gamble | 0.02% | 11,000 | $1,875,000 |
| MSFT | Microsoft Corp | 0.02% | 4,620 | $1,734,000 |
| PEP | Pepsico Inc | 0.02% | 10,979 | $1,646,000 |
| ABT | Abbott Labs | 0.02% | 11,510 | $1,527,000 |
| LRLCF | Loreal SA | 0.02% | 4,086 | $1,513,000 |
| KNCRF | Konecranes | 0.02% | 23,650 | $1,502,000 |
| H | Hyatt Hotels Corp Cl A | 0.02% | 11,675 | $1,430,000 |
| HRL | Hormel Foods Corp | 0.02% | 46,081 | $1,426,000 |
| DVDCF | Davide Campari-Milano NV | 0.02% | 235,151 | $1,375,000 |
| WILLF | Demant A/S | 0.02% | 40,250 | $1,347,000 |
| CABJF | Carlsberg B A/S | 0.01% | 10,307 | $1,308,000 |
| HRI | Herc Holdings Inc | 0.01% | 9,450 | $1,269,000 |
| FULT | Fulton Finl Corp | 0.01% | 69,700 | $1,261,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,232,000 |
| FLUIF | Fluidra | 0.01% | 50,500 | $1,182,000 |
| AAPL | Apple Inc | 0.01% | 5,249 | $1,166,000 |
| DELHF | De'Longhi | 0.01% | 35,250 | $1,160,000 |
| PUIGF | Puig Brands | 0.01% | 68,000 | $1,156,000 |
| HMRZF | H&M | 0.01% | 88,000 | $1,155,000 |
| LTSSF | Lotus Bakeries | 0.01% | 130 | $1,153,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,285 | $1,140,000 |
| ECTXF | Electrolux Professional | 0.01% | 175,500 | $1,092,000 |
| YETI | Yeti Holdings Inc | 0.01% | 32,500 | $1,076,000 |
| SSPPF | SSP Group | 0.01% | 548,000 | $1,060,000 |
| LEVI | Levi Strauss & Co Cl A | 0.01% | 67,725 | $1,056,000 |
| GNRC | Generac Holdings Inc | 0.01% | 8,250 | $1,045,000 |
| FLMNF | Fielmann | 0.01% | 22,300 | $1,008,000 |
| KO | Coca-Cola | 0.01% | 13,640 | $977,000 |
| WRBY | Warby Parker Inc Cl A | 0.01% | 51,650 | $942,000 |
| RL | Ralph Lauren Corp Cl A | 0.01% | 4,100 | $905,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,240 | $899,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $886,000 |
| PNC | PNC Bank Corp | 0.01% | 4,950 | $870,000 |
| RTLLF | Rational AG | 0.01% | 975 | $806,000 |
| FBLA | FB Bancorp Inc | 0.01% | 70,000 | $788,000 |
| CVX | Chevron Corp | 0.01% | 4,217 | $705,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $680,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $486,000 |
| TFC | Truist Financial Corp | 0.00% | 9,692 | $399,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $378,000 |
| FMX | Fomento Economico Mex Sponsore | 0.00% | 3,398 | $332,000 |
| UNM | Unum Group | 0.00% | 3,800 | $310,000 |
| DIS | Disney Walt Productions | 0.00% | 2,943 | $290,000 |
| OUT | Outfront Media Inc | 0.00% | 17,706 | $286,000 |
| MRK | Merck Inc | 0.00% | 2,763 | $248,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 6,260 | $226,000 |
| MCD | McDonalds Corp | 0.00% | 705 | $220,000 |
| — | BP PLC ADR | 0.00% | 6,300 | $213,000 |
| DGEAF | Diageo PLC | 0.00% | 8,077 | $210,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $166,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $149,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 14.39% | 1,869 | $1,272,639,000 |
| GOOG | Alphabet Inc Cl C | 12.13% | 5,635,935 | $1,073,307,000 |
| MA | Mastercard Inc Cl A | 11.22% | 1,884,664 | $992,408,000 |
| CFRHF | Compagnie Financiere Richemont | 7.26% | 4,221,542 | $642,373,000 |
| PM | Philip Morris International In | 7.06% | 5,190,200 | $624,641,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.59% | 1,286,921 | $583,336,000 |
| NFLX | Netflix Inc | 6.38% | 632,773 | $564,003,000 |
| NSRGY | Nestle SA Sponsored ADR | 5.84% | 6,327,409 | $516,949,000 |
| HKHHF | Heineken Holding NV | 5.32% | 7,860,162 | $470,853,000 |
| MLM | Martin Marietta Materials | 4.13% | 707,010 | $365,171,000 |
| PDRDF | Pernod Ricard | 3.88% | 3,038,334 | $342,935,000 |
| JPM | J.P. Morgan Chase | 3.42% | 1,261,709 | $302,444,000 |
| AHTGBP | Ashtead Group PLC | 3.32% | 4,717,666 | $293,352,000 |
| UBER | Uber Technologies Inc | 2.83% | 4,150,867 | $250,380,000 |
| DASH | Doordash Inc Cl A | 1.27% | 670,131 | $112,414,000 |
| CMCSA | Comcast Corp New Cl A | 1.18% | 2,784,048 | $104,485,000 |
| BF/A | Brown-Forman Corp Cl A | 0.86% | 2,014,920 | $75,942,000 |
| V | Visa Inc Cl A | 0.73% | 204,696 | $64,692,000 |
| BF/B | Brown-Forman Corp Cl B | 0.36% | 840,396 | $31,918,000 |
| XOM | Exxon Mobil Corp | 0.23% | 188,953 | $20,326,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.21% | 378,075 | $18,890,000 |
| MKL | Markel Corp | 0.17% | 8,621 | $14,882,000 |
| MO | Altria Group Inc | 0.16% | 269,826 | $14,109,000 |
| WFC | Wells Fargo | 0.15% | 193,556 | $13,595,000 |
| CR | Crane Company | 0.10% | 60,730 | $9,216,000 |
| UNP | Union Pac Corp | 0.06% | 24,536 | $5,595,000 |
| VMC | Vulcan Materials | 0.06% | 21,176 | $5,447,000 |
| COST | Costco Whsl Corp | 0.06% | 5,397 | $4,945,000 |
| AXP | American Express | 0.05% | 14,816 | $4,397,000 |
| DOV | Dover Corp | 0.05% | 22,451 | $4,212,000 |
| PG | Procter & Gamble | 0.05% | 23,754 | $3,982,000 |
| GOOGL | Alphabet Inc Cl A | 0.04% | 20,466 | $3,874,000 |
| DVDCF | Davide Campari-Milano NV | 0.04% | 579,531 | $3,611,000 |
| MKC | McCormick Inc | 0.04% | 42,770 | $3,261,000 |
| ABBV | AbbVie Inc | 0.02% | 12,410 | $2,205,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 288,801 | $2,163,000 |
| MSFT | Microsoft Corp | 0.02% | 4,955 | $2,089,000 |
| LRLCF | Loreal SA | 0.02% | 5,711 | $2,022,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 16 | $1,766,000 |
| PEP | Pepsico Inc | 0.02% | 11,528 | $1,753,000 |
| CABJF | Carlsberg B A/S | 0.02% | 18,138 | $1,738,000 |
| HRL | Hormel Foods Corp | 0.02% | 50,345 | $1,579,000 |
| AAPL | Apple Inc | 0.02% | 5,804 | $1,453,000 |
| FULT | Fulton Finl Corp | 0.02% | 74,700 | $1,440,000 |
| ABT | Abbott Labs | 0.01% | 11,510 | $1,302,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,076,000 |
| PNC | PNC Bank Corp | 0.01% | 4,950 | $955,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,305 | $931,000 |
| KO | Coca-Cola | 0.01% | 14,105 | $878,000 |
| NSRGF | Nestle SA-REG | 0.01% | 10,460 | $864,000 |
| FBLA | FB Bancorp Inc | 0.01% | 70,000 | $834,000 |
| OUT | Outfront Media Inc | 0.01% | 44,814 | $795,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $727,000 |
| CVX | Chevron Corp | 0.01% | 4,465 | $647,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $579,000 |
| TFC | Truist Financial Corp | 0.00% | 9,617 | $417,000 |
| DIS | Disney Walt Productions | 0.00% | 3,571 | $398,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $322,000 |
| FMX | Fomento Economico Mex Sponsore | 0.00% | 3,466 | $296,000 |
| MRK | Merck Inc | 0.00% | 2,926 | $291,000 |
| UNM | Unum Group | 0.00% | 3,800 | $278,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $263,000 |
| DGEAF | Diageo PLC | 0.00% | 8,252 | $262,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 7,266 | $218,000 |
| MCD | McDonalds Corp | 0.00% | 705 | $204,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $197,000 |
| CFRUY | Compagnie Financiere Richemont | 0.00% | 12,140 | $185,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $156,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 14.51% | 2,045 | $1,413,463,000 |
| GOOG | Alphabet Inc Cl C | 10.29% | 5,993,946 | $1,002,128,000 |
| MA | Mastercard Inc Cl A | 10.20% | 2,011,308 | $993,184,000 |
| CFRHF | Compagnie Financiere Richemont | 7.34% | 4,509,025 | $715,201,000 |
| NSRGY | Nestle SA Sponsored ADR | 7.19% | 6,956,322 | $700,293,000 |
| PM | Philip Morris International In | 6.71% | 5,386,500 | $653,921,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.35% | 1,342,904 | $618,085,000 |
| HKHHF | Heineken Holding NV | 6.34% | 8,162,463 | $617,639,000 |
| NFLX | Netflix Inc | 5.33% | 731,838 | $519,071,000 |
| PDRDF | Pernod Ricard | 5.05% | 3,250,416 | $491,906,000 |
| MLM | Martin Marietta Materials | 4.14% | 750,072 | $403,726,000 |
| AHTGBP | Ashtead Group PLC | 3.94% | 4,945,913 | $383,855,000 |
| JPM | J.P. Morgan Chase | 3.12% | 1,440,707 | $303,787,000 |
| UBER | Uber Technologies Inc | 2.93% | 3,797,379 | $285,411,000 |
| CMCSA | Comcast Corp New Cl A | 1.27% | 2,969,927 | $124,054,000 |
| BF/A | Brown-Forman Corp Cl A | 1.05% | 2,126,766 | $102,255,000 |
| DASH | Doordash Inc Cl A | 1.03% | 705,267 | $100,663,000 |
| V | Visa Inc Cl A | 0.75% | 265,461 | $72,989,000 |
| BF/B | Brown-Forman Corp Cl B | 0.44% | 877,885 | $43,192,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.27% | 398,625 | $26,417,000 |
| WFC | Wells Fargo | 0.23% | 402,320 | $22,727,000 |
| XOM | Exxon Mobil Corp | 0.23% | 188,233 | $22,065,000 |
| MO | Altria Group Inc | 0.15% | 289,098 | $14,756,000 |
| MKL | Markel Corp | 0.15% | 9,016 | $14,142,000 |
| CR | Crane Company | 0.10% | 62,356 | $9,870,000 |
| UNP | Union Pac Corp | 0.06% | 24,420 | $6,019,000 |
| DVDCF | Davide Campari-Milano NV | 0.06% | 703,377 | $5,966,000 |
| VMC | Vulcan Materials | 0.06% | 23,481 | $5,880,000 |
| PG | Procter & Gamble | 0.06% | 31,277 | $5,417,000 |
| COST | Costco Whsl Corp | 0.05% | 5,422 | $4,807,000 |
| DOV | Dover Corp | 0.05% | 23,101 | $4,429,000 |
| AXP | American Express | 0.04% | 15,341 | $4,160,000 |
| NSRGF | Nestle SA-REG | 0.04% | 40,081 | $4,037,000 |
| MKC | McCormick Inc | 0.04% | 42,820 | $3,524,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 20,436 | $3,389,000 |
| CABJF | Carlsberg B A/S | 0.03% | 23,450 | $2,800,000 |
| LRLCF | Loreal SA | 0.03% | 5,769 | $2,589,000 |
| SWZ | Swiss Helvetia FD Inc | 0.03% | 283,350 | $2,536,000 |
| ABBV | AbbVie Inc | 0.03% | 12,510 | $2,470,000 |
| HINKF | Heineken NV | 0.02% | 25,441 | $2,261,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 17 | $2,172,000 |
| MSFT | Microsoft Corp | 0.02% | 5,005 | $2,154,000 |
| PEP | Pepsico Inc | 0.02% | 12,242 | $2,082,000 |
| HRL | Hormel Foods Corp | 0.02% | 53,091 | $1,683,000 |
| FULT | Fulton Finl Corp | 0.02% | 81,228 | $1,473,000 |
| AAPL | Apple Inc | 0.02% | 6,274 | $1,462,000 |
| ABT | Abbott Labs | 0.01% | 11,510 | $1,312,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 66,340 | $1,052,000 |
| KO | Coca-Cola | 0.01% | 14,530 | $1,044,000 |
| PNC | PNC Bank Corp | 0.01% | 5,350 | $989,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,365 | $837,000 |
| — | Outfront Media Inc | 0.01% | 45,007 | $827,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 21,255 | $804,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $798,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 23,057 | $698,000 |
| CVX | Chevron Corp | 0.01% | 4,449 | $655,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $592,000 |
| TFC | Truist Financial Corp | 0.00% | 9,546 | $408,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,253 | $389,000 |
| DIS | Disney Walt Productions | 0.00% | 3,885 | $374,000 |
| FMX | Fomento Economico Mex Sponsore | 0.00% | 3,641 | $359,000 |
| CTVA | Corteva Inc | 0.00% | 6,070 | $357,000 |
| MRK | Merck Inc | 0.00% | 3,087 | $351,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $324,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $317,000 |
| DGEAF | Diageo PLC | 0.00% | 8,452 | $295,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 4,230 | $260,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $251,000 |
| HEINY | Heineken NV Sponsored ADR | 0.00% | 5,255 | $234,000 |
| DHR | Danaher Corp | 0.00% | 819 | $228,000 |
| UNM | Unum Group | 0.00% | 3,800 | $226,000 |
| CSL | Carlisle Inc | 0.00% | 500 | $225,000 |
| MCD | McDonalds Corp | 0.00% | 705 | $215,000 |
| TT | Trane Technologies PLC | 0.00% | 540 | $210,000 |
| — | BP PLC ADR | 0.00% | 6,602 | $207,000 |
| — | Cir SPA | 0.00% | 251,250 | $161,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $116,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 13.67% | 2,114 | $1,294,277,000 |
| GOOG | Alphabet Inc Cl C | 12.03% | 6,209,856 | $1,139,012,000 |
| MA | Mastercard Inc Cl A | 9.58% | 2,056,350 | $907,180,000 |
| NSRGY | Nestle SA Sponsored ADR | 7.86% | 7,260,624 | $743,851,000 |
| CFRHF | Compagnie Financiere Richemont | 7.70% | 4,669,634 | $728,818,000 |
| HKHHF | Heineken Holding NV | 6.66% | 7,982,338 | $630,081,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.97% | 1,390,310 | $565,578,000 |
| PM | Philip Morris International In | 5.85% | 5,466,358 | $553,906,000 |
| NFLX | Netflix Inc | 5.58% | 782,062 | $527,798,000 |
| PDRDF | Pernod Ricard | 4.74% | 3,305,294 | $448,828,000 |
| MLM | Martin Marietta Materials | 4.37% | 764,059 | $413,967,000 |
| AHTGBP | Ashtead Group PLC | 3.57% | 5,058,162 | $337,732,000 |
| JPM | J.P. Morgan Chase | 3.19% | 1,492,835 | $301,941,000 |
| UBER | Uber Technologies Inc | 2.80% | 3,644,712 | $264,898,000 |
| CMCSA | Comcast Corp New Cl A | 1.27% | 3,064,822 | $120,018,000 |
| BF/A | Brown-Forman Corp Cl A | 1.01% | 2,170,683 | $95,792,000 |
| DASH | Doordash Inc Cl A | 0.82% | 716,388 | $77,929,000 |
| V | Visa Inc Cl A | 0.78% | 282,714 | $74,204,000 |
| BF/B | Brown-Forman Corp Cl B | 0.41% | 891,786 | $38,516,000 |
| WFC | Wells Fargo | 0.30% | 478,642 | $28,427,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.27% | 441,625 | $25,616,000 |
| XOM | Exxon Mobil Corp | 0.22% | 180,530 | $20,783,000 |
| MKL | Markel Corp | 0.16% | 9,619 | $15,156,000 |
| MO | Altria Group Inc | 0.14% | 286,290 | $13,041,000 |
| CR | Crane Company | 0.10% | 64,906 | $9,410,000 |
| VMC | Vulcan Materials | 0.09% | 33,622 | $8,361,000 |
| DVDCF | Davide Campari-Milano NV | 0.07% | 677,127 | $6,404,000 |
| UNP | Union Pac Corp | 0.06% | 24,294 | $5,497,000 |
| PG | Procter & Gamble | 0.06% | 32,006 | $5,278,000 |
| COST | Costco Whsl Corp | 0.05% | 5,477 | $4,656,000 |
| DOV | Dover Corp | 0.04% | 23,426 | $4,227,000 |
| NSRGF | Nestle SA-REG | 0.04% | 40,136 | $4,097,000 |
| AXP | American Express | 0.04% | 16,075 | $3,722,000 |
| GOOGL | Alphabet Inc Cl A | 0.04% | 20,356 | $3,708,000 |
| MKC | McCormick Inc | 0.03% | 43,320 | $3,073,000 |
| CABJF | Carlsberg B A/S | 0.03% | 24,390 | $2,929,000 |
| LRLCF | Loreal SA | 0.03% | 5,841 | $2,567,000 |
| HINKF | Heineken NV | 0.03% | 25,441 | $2,462,000 |
| MSFT | Microsoft Corp | 0.02% | 5,205 | $2,326,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 279,368 | $2,254,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,195,000 |
| ABBV | AbbVie Inc | 0.02% | 12,510 | $2,146,000 |
| PEP | Pepsico Inc | 0.02% | 12,366 | $2,039,000 |
| FULT | Fulton Finl Corp | 0.02% | 114,305 | $1,941,000 |
| HRL | Hormel Foods Corp | 0.02% | 57,691 | $1,759,000 |
| AAPL | Apple Inc | 0.02% | 6,799 | $1,432,000 |
| — | Dupont De Nemours Inc | 0.01% | 15,555 | $1,252,000 |
| ABT | Abbott Labs | 0.01% | 11,510 | $1,196,000 |
| PNC | PNC Bank Corp | 0.01% | 7,023 | $1,092,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 66,140 | $1,032,000 |
| DOW | Dow Inc | 0.01% | 18,097 | $960,000 |
| KO | Coca-Cola | 0.01% | 14,580 | $928,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 20,306 | $801,000 |
| — | Outfront Media Inc | 0.01% | 52,944 | $757,000 |
| CVX | Chevron Corp | 0.01% | 4,651 | $728,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,975 | $714,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,365 | $702,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 23,057 | $626,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 4,975 | $536,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $491,000 |
| TFC | Truist Financial Corp | 0.00% | 11,470 | $446,000 |
| MRK | Merck Inc | 0.00% | 3,446 | $427,000 |
| DIS | Disney Walt Productions | 0.00% | 4,086 | $406,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,253 | $335,000 |
| CTVA | Corteva Inc | 0.00% | 6,052 | $326,000 |
| MCD | McDonalds Corp | 0.00% | 1,197 | $305,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $295,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $288,000 |
| DGEAF | Diageo PLC | 0.00% | 8,452 | $266,000 |
| HEINY | Heineken NV Sponsored ADR | 0.00% | 5,255 | $254,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 4,630 | $251,000 |
| — | BP PLC ADR | 0.00% | 6,542 | $236,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $217,000 |
| UNM | Unum Group | 0.00% | 4,050 | $207,000 |
| CSL | Carlisle Inc | 0.00% | 500 | $203,000 |
| — | Cir SPA | 0.00% | 251,250 | $160,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $129,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 13.88% | 2,132 | $1,352,626,000 |
| GOOG | Alphabet Inc Cl C | 11.03% | 7,060,922 | $1,075,096,000 |
| MA | Mastercard Inc Cl A | 10.38% | 2,100,298 | $1,011,441,000 |
| NSRGY | Nestle SA Sponsored ADR | 7.90% | 7,251,976 | $770,160,000 |
| CFRHF | Compagnie Financiere Richemont | 7.26% | 4,636,489 | $707,802,000 |
| HKHHF | Heineken Holding NV | 6.49% | 7,824,713 | $632,112,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.32% | 1,464,531 | $615,865,000 |
| NFLX | Netflix Inc | 5.45% | 874,075 | $530,852,000 |
| PM | Philip Morris International In | 5.22% | 5,551,197 | $508,601,000 |
| PDRDF | Pernod Ricard | 5.02% | 3,023,620 | $489,663,000 |
| MLM | Martin Marietta Materials | 4.96% | 787,480 | $483,466,000 |
| AHTGBP | Ashtead Group PLC | 3.75% | 5,126,660 | $365,261,000 |
| JPM | J.P. Morgan Chase | 3.51% | 1,710,494 | $342,612,000 |
| UBER | Uber Technologies Inc | 2.61% | 3,300,228 | $254,085,000 |
| CMCSA | Comcast Corp New Cl A | 1.38% | 3,094,244 | $134,135,000 |
| BF/A | Brown-Forman Corp Cl A | 1.19% | 2,198,694 | $116,421,000 |
| V | Visa Inc Cl A | 0.85% | 295,629 | $82,504,000 |
| BF/B | Brown-Forman Corp Cl B | 0.48% | 904,932 | $46,713,000 |
| WFC | Wells Fargo | 0.40% | 674,969 | $39,121,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.30% | 472,393 | $28,805,000 |
| XOM | Exxon Mobil Corp | 0.21% | 180,134 | $20,939,000 |
| MKL | Markel Corp | 0.15% | 9,799 | $14,909,000 |
| MO | Altria Group Inc | 0.14% | 314,052 | $13,699,000 |
| VMC | Vulcan Materials | 0.11% | 38,643 | $10,546,000 |
| CR | Crane Company | 0.09% | 66,981 | $9,051,000 |
| DVDCF | Davide Campari-Milano NV | 0.07% | 641,646 | $6,454,000 |
| UNP | Union Pac Corp | 0.06% | 23,374 | $5,748,000 |
| PG | Procter & Gamble | 0.05% | 32,325 | $5,245,000 |
| CABO | Cable One Inc | 0.05% | 11,681 | $4,942,000 |
| DOV | Dover Corp | 0.04% | 24,697 | $4,376,000 |
| NSRGF | Nestle SA-REG | 0.04% | 40,136 | $4,267,000 |
| AXP | American Express | 0.04% | 18,095 | $4,120,000 |
| COST | Costco Whsl Corp | 0.04% | 5,477 | $4,013,000 |
| CABJF | Carlsberg B A/S | 0.03% | 24,530 | $3,351,000 |
| MKC | McCormick Inc | 0.03% | 43,445 | $3,337,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 21,930 | $3,310,000 |
| LRLCF | Loreal SA | 0.03% | 6,736 | $3,191,000 |
| HINKF | Heineken NV | 0.03% | 25,441 | $2,455,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,295,000 |
| ABBV | AbbVie Inc | 0.02% | 12,510 | $2,278,000 |
| MSFT | Microsoft Corp | 0.02% | 5,362 | $2,256,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 274,948 | $2,180,000 |
| PEP | Pepsico Inc | 0.02% | 12,443 | $2,178,000 |
| HRL | Hormel Foods Corp | 0.02% | 60,813 | $2,122,000 |
| FULT | Fulton Finl Corp | 0.02% | 116,305 | $1,848,000 |
| AAPL | Apple Inc | 0.01% | 7,974 | $1,367,000 |
| ABT | Abbott Labs | 0.01% | 11,610 | $1,320,000 |
| — | Dupont De Nemours Inc | 0.01% | 15,482 | $1,187,000 |
| PNC | PNC Bank Corp | 0.01% | 7,293 | $1,179,000 |
| — | Outfront Media Inc | 0.01% | 63,379 | $1,064,000 |
| DOW | Dow Inc | 0.01% | 17,874 | $1,035,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 65,847 | $1,005,000 |
| KO | Coca-Cola | 0.01% | 15,580 | $953,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 6,325 | $824,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 6,575 | $785,000 |
| — | Unilever PLC ADR | 0.01% | 15,167 | $761,000 |
| CVX | Chevron Corp | 0.01% | 4,636 | $731,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 17,850 | $721,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 20,735 | $672,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,365 | $624,000 |
| MCD | McDonalds Corp | 0.01% | 1,932 | $545,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 560 | $504,000 |
| DIS | Disney Walt Productions | 0.01% | 4,086 | $500,000 |
| MRK | Merck Inc | 0.00% | 3,513 | $464,000 |
| TFC | Truist Financial Corp | 0.00% | 11,381 | $444,000 |
| ORCL | Oracle Corp | 0.00% | 3,475 | $436,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,253 | $357,000 |
| CTVA | Corteva Inc | 0.00% | 6,033 | $348,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $315,000 |
| DGEAF | Diageo PLC | 0.00% | 8,452 | $312,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $308,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $271,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 4,630 | $264,000 |
| — | BP PLC ADR | 0.00% | 6,492 | $245,000 |
| HEINY | Heineken NV Sponsored ADR | 0.00% | 5,060 | $244,000 |
| UNM | Unum Group | 0.00% | 4,050 | $217,000 |
| LVMUY | LVMH Moet Hennessy Louis Vuitt | 0.00% | 1,121 | $202,000 |
| — | Cir SPA | 0.00% | 251,250 | $145,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $137,000 |
| BURCA | Burnham Hldgs Inc Cl A | 0.00% | 10,000 | $133,000 |
| DANOY | Danone ADR | 0.00% | 10,057 | $130,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 13.37% | 2,417 | $1,311,525,000 |
| GOOG | Alphabet Inc Cl C | 11.09% | 7,721,397 | $1,088,176,000 |
| MA | Mastercard Inc Cl A | 10.01% | 2,302,289 | $981,949,000 |
| NSRGY | Nestle SA Sponsored ADR | 9.03% | 7,667,386 | $886,580,000 |
| CFRHF | Compagnie Financiere Richemont | 6.99% | 4,987,265 | $685,886,000 |
| HKHHF | Heineken Holding NV | 6.76% | 7,844,013 | $663,730,000 |
| PM | Philip Morris International In | 5.83% | 6,077,975 | $571,816,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.71% | 1,569,986 | $559,951,000 |
| NFLX | Netflix Inc | 5.58% | 1,124,962 | $547,721,000 |
| PDRDF | Pernod Ricard | 5.06% | 2,812,437 | $496,305,000 |
| MLM | Martin Marietta Materials | 4.78% | 940,568 | $469,259,000 |
| AHTGBP | Ashtead Group PLC | 3.74% | 5,275,065 | $367,301,000 |
| JPM | J.P. Morgan Chase | 3.51% | 2,023,369 | $344,175,000 |
| UBER | Uber Technologies Inc | 1.93% | 3,081,363 | $189,720,000 |
| CMCSA | Comcast Corp New Cl A | 1.47% | 3,295,791 | $144,520,000 |
| BF/A | Brown-Forman Corp Cl A | 1.38% | 2,269,315 | $135,229,000 |
| V | Visa Inc Cl A | 0.86% | 322,891 | $84,065,000 |
| BF/B | Brown-Forman Corp Cl B | 0.55% | 937,483 | $53,530,000 |
| WFC | Wells Fargo | 0.36% | 712,229 | $35,056,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.34% | 511,688 | $33,021,000 |
| XOM | Exxon Mobil Corp | 0.18% | 179,199 | $17,916,000 |
| MKL | Markel Corp | 0.14% | 9,984 | $14,176,000 |
| MO | Altria Group Inc | 0.13% | 311,070 | $12,549,000 |
| VMC | Vulcan Materials | 0.11% | 48,682 | $11,051,000 |
| CABO | Cable One Inc | 0.09% | 16,017 | $8,915,000 |
| DVDCF | Davide Campari-Milano NV | 0.09% | 771,418 | $8,705,000 |
| CR | Crane Company | 0.08% | 68,281 | $8,067,000 |
| UNP | Union Pac Corp | 0.06% | 22,887 | $5,621,000 |
| PG | Procter & Gamble | 0.05% | 36,670 | $5,374,000 |
| NSRGF | Nestle SA-REG | 0.05% | 39,870 | $4,619,000 |
| DOV | Dover Corp | 0.04% | 27,897 | $4,291,000 |
| AXP | American Express | 0.04% | 20,535 | $3,847,000 |
| COST | Costco Whsl Corp | 0.04% | 5,550 | $3,663,000 |
| LRLCF | Loreal SA | 0.03% | 6,836 | $3,403,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 22,530 | $3,147,000 |
| CABJF | Carlsberg B A/S | 0.03% | 24,526 | $3,078,000 |
| MKC | McCormick Inc | 0.03% | 44,120 | $3,019,000 |
| HINKF | Heineken NV | 0.03% | 25,441 | $2,584,000 |
| HRL | Hormel Foods Corp | 0.02% | 75,572 | $2,427,000 |
| — | Unilever PLC ADR | 0.02% | 49,873 | $2,418,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,303,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 270,504 | $2,218,000 |
| PEP | Pepsico Inc | 0.02% | 13,048 | $2,216,000 |
| MSFT | Microsoft Corp | 0.02% | 5,218 | $1,962,000 |
| ABBV | AbbVie Inc | 0.02% | 12,510 | $1,939,000 |
| FULT | Fulton Finl Corp | 0.02% | 116,805 | $1,923,000 |
| AAPL | Apple Inc | 0.02% | 9,274 | $1,786,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,199 | $1,400,000 |
| ABT | Abbott Labs | 0.01% | 11,610 | $1,278,000 |
| — | Outfront Media Inc | 0.01% | 85,939 | $1,200,000 |
| PNC | PNC Bank Corp | 0.01% | 7,668 | $1,187,000 |
| DOW | Dow Inc | 0.01% | 20,948 | $1,149,000 |
| KO | Coca-Cola | 0.01% | 18,245 | $1,075,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 8,105 | $1,056,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 65,847 | $906,000 |
| GHC | Graham Holdings Co | 0.01% | 1,161 | $808,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 17,850 | $755,000 |
| CVX | Chevron Corp | 0.01% | 4,738 | $707,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 6,575 | $699,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 19,444 | $686,000 |
| MCD | McDonalds Corp | 0.01% | 1,932 | $573,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 3,455 | $545,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $540,000 |
| DGEAF | Diageo PLC | 0.01% | 13,841 | $504,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.00% | 560 | $454,000 |
| CTVA | Corteva Inc | 0.00% | 8,734 | $419,000 |
| TFC | Truist Financial Corp | 0.00% | 11,287 | $417,000 |
| MRK | Merck Inc | 0.00% | 3,806 | $415,000 |
| DIS | Disney Walt Productions | 0.00% | 4,171 | $377,000 |
| ORCL | Oracle Corp | 0.00% | 3,497 | $369,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,130 | $354,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,253 | $349,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $319,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $291,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $288,000 |
| HEINY | Heineken NV Sponsored ADR | 0.00% | 4,985 | $253,000 |
| DHR | Danaher Corp | 0.00% | 1,083 | $251,000 |
| — | BP PLC ADR | 0.00% | 6,552 | $232,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $154,000 |
| DANOY | Danone ADR | 0.00% | 10,782 | $140,000 |
| — | Cir SPA | 0.00% | 251,250 | $119,000 |
| BURCA | Burnham Hldgs Inc Cl A | 0.00% | 10,000 | $118,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 14.38% | 2,482 | $1,319,126,000 |
| GOOG | Alphabet Inc Cl C | 11.64% | 8,093,922 | $1,067,184,000 |
| MA | Mastercard Inc Cl A | 10.29% | 2,382,969 | $943,441,000 |
| NSRGY | Nestle SA Sponsored ADR | 9.70% | 7,859,532 | $889,463,000 |
| CFRHF | Compagnie Financiere Richemont | 6.74% | 5,048,100 | $618,045,000 |
| HKHHF | Heineken Holding NV | 6.52% | 7,909,106 | $597,887,000 |
| PM | Philip Morris International In | 6.30% | 6,240,303 | $577,727,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.18% | 1,618,150 | $566,838,000 |
| PDRDF | Pernod Ricard | 5.15% | 2,823,890 | $471,939,000 |
| NFLX | Netflix Inc | 4.78% | 1,161,475 | $438,573,000 |
| MLM | Martin Marietta Materials | 4.29% | 958,763 | $393,553,000 |
| AHTGBP | Ashtead Group PLC | 3.56% | 5,341,822 | $326,128,000 |
| JPM | J.P. Morgan Chase | 3.32% | 2,098,425 | $304,314,000 |
| CMCSA | Comcast Corp New Cl A | 1.71% | 3,528,069 | $156,435,000 |
| BF/A | Brown-Forman Corp Cl A | 1.49% | 2,355,804 | $136,872,000 |
| V | Visa Inc Cl A | 0.83% | 331,341 | $76,212,000 |
| BF/B | Brown-Forman Corp Cl B | 0.60% | 960,448 | $55,408,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.33% | 541,283 | $30,093,000 |
| WFC | Wells Fargo | 0.32% | 726,373 | $29,680,000 |
| XOM | Exxon Mobil Corp | 0.23% | 178,180 | $20,950,000 |
| CABO | Cable One Inc | 0.17% | 24,670 | $15,188,000 |
| MKL | Markel Corp | 0.16% | 9,989 | $14,709,000 |
| MO | Altria Group Inc | 0.15% | 330,299 | $13,889,000 |
| VMC | Vulcan Materials | 0.12% | 53,103 | $10,728,000 |
| DVDCF | Davide Campari-Milano NV | 0.10% | 805,403 | $9,521,000 |
| CR | Crane Company | 0.07% | 70,181 | $6,235,000 |
| PG | Procter & Gamble | 0.06% | 36,684 | $5,351,000 |
| — | Unilever PLC ADR | 0.05% | 99,284 | $4,905,000 |
| NSRGF | Nestle SA-REG | 0.05% | 39,870 | $4,521,000 |
| UNP | Union Pac Corp | 0.05% | 21,763 | $4,432,000 |
| HRL | Hormel Foods Corp | 0.05% | 116,130 | $4,416,000 |
| AXP | American Express | 0.05% | 28,176 | $4,204,000 |
| DOV | Dover Corp | 0.04% | 28,467 | $3,971,000 |
| CABJF | Carlsberg B A/S | 0.04% | 29,176 | $3,693,000 |
| LRLCF | Loreal SA | 0.04% | 8,436 | $3,512,000 |
| MKC | McCormick Inc | 0.04% | 44,950 | $3,400,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 22,330 | $2,922,000 |
| COST | Costco Whsl Corp | 0.03% | 5,143 | $2,905,000 |
| PEP | Pepsico Inc | 0.03% | 14,048 | $2,380,000 |
| HINKF | Heineken NV | 0.02% | 25,441 | $2,248,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,085,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 266,253 | $2,034,000 |
| ABBV | AbbVie Inc | 0.02% | 12,583 | $1,876,000 |
| FULT | Fulton Finl Corp | 0.02% | 119,905 | $1,452,000 |
| AAPL | Apple Inc | 0.02% | 8,155 | $1,396,000 |
| PNC | PNC Bank Corp | 0.02% | 11,268 | $1,383,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,107 | $1,351,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 11,820 | $1,290,000 |
| ABT | Abbott Labs | 0.01% | 11,610 | $1,124,000 |
| KO | Coca-Cola | 0.01% | 20,008 | $1,120,000 |
| DOW | Dow Inc | 0.01% | 20,666 | $1,066,000 |
| — | Outfront Media Inc | 0.01% | 93,669 | $946,000 |
| CVX | Chevron Corp | 0.01% | 4,734 | $798,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 62,347 | $763,000 |
| GHC | Graham Holdings Co | 0.01% | 1,161 | $677,000 |
| MSFT | Microsoft Corp | 0.01% | 2,132 | $673,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $605,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 17,544 | $586,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 3,455 | $553,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $551,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 6,575 | $549,000 |
| DGEAF | Diageo PLC | 0.01% | 13,841 | $513,000 |
| MCD | McDonalds Corp | 0.01% | 1,932 | $509,000 |
| CTVA | Corteva Inc | 0.00% | 8,703 | $445,000 |
| MRK | Merck Inc | 0.00% | 3,842 | $396,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,455 | $386,000 |
| ORCL | Oracle Corp | 0.00% | 3,618 | $383,000 |
| DIS | Disney Walt Productions | 0.00% | 4,370 | $354,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.00% | 445 | $338,000 |
| TFC | Truist Financial Corp | 0.00% | 11,187 | $320,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,411 | $306,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,253 | $306,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $282,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $280,000 |
| DHR | Danaher Corp | 0.00% | 1,083 | $269,000 |
| — | BP PLC ADR | 0.00% | 6,780 | $263,000 |
| HEINY | Heineken NV Sponsored ADR | 0.00% | 4,575 | $202,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $178,000 |
| DANOY | Danone ADR | 0.00% | 14,757 | $163,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $161,000 |
| BURCA | Burnham Hldgs Inc Cl A | 0.00% | 10,000 | $122,000 |
| — | Cir SPA | 0.00% | 251,250 | $107,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.94% | 2,530 | $1,310,059,000 |
| GOOG | Alphabet Inc Cl C | 9.82% | 8,221,065 | $994,502,000 |
| NSRGY | Nestle SA Sponsored ADR | 9.53% | 8,019,143 | $965,104,000 |
| MA | Mastercard Inc Cl A | 9.39% | 2,417,258 | $950,708,000 |
| CFRHF | Compagnie Financiere Richemont | 8.62% | 5,147,539 | $872,547,000 |
| HKHHF | Heineken Holding NV | 6.86% | 7,994,343 | $694,694,000 |
| PDRDF | Pernod Ricard | 6.24% | 2,862,426 | $632,076,000 |
| PM | Philip Morris International In | 6.09% | 6,314,371 | $616,409,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.48% | 1,625,553 | $554,314,000 |
| NFLX | Netflix Inc | 5.12% | 1,175,745 | $517,904,000 |
| MLM | Martin Marietta Materials | 4.44% | 973,520 | $449,464,000 |
| AHTGBP | Ashtead Group PLC | 3.67% | 5,365,720 | $371,374,000 |
| JPM | J.P. Morgan Chase | 3.04% | 2,112,917 | $307,303,000 |
| BF/A | Brown-Forman Corp Cl A | 1.61% | 2,400,333 | $163,391,000 |
| CMCSA | Comcast Corp New Cl A | 1.48% | 3,614,535 | $150,184,000 |
| — | Unilever PLC ADR | 1.44% | 2,791,456 | $145,519,000 |
| V | Visa Inc Cl A | 0.78% | 334,028 | $79,325,000 |
| BF/B | Brown-Forman Corp Cl B | 0.64% | 967,024 | $64,578,000 |
| CABO | Cable One Inc | 0.56% | 86,436 | $56,796,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.31% | 554,933 | $31,380,000 |
| WFC | Wells Fargo | 0.31% | 731,989 | $31,241,000 |
| XOM | Exxon Mobil Corp | 0.19% | 178,409 | $19,134,000 |
| MO | Altria Group Inc | 0.15% | 327,378 | $14,830,000 |
| MKL | Markel Corp | 0.14% | 9,919 | $13,720,000 |
| VMC | Vulcan Materials | 0.12% | 53,608 | $12,085,000 |
| DVDCF | Davide Campari-Milano NV | 0.11% | 809,173 | $11,203,000 |
| CR | Crane Company | 0.06% | 70,331 | $6,268,000 |
| AXP | American Express | 0.06% | 33,901 | $5,906,000 |
| PG | Procter & Gamble | 0.06% | 36,723 | $5,572,000 |
| HRL | Hormel Foods Corp | 0.05% | 119,550 | $4,808,000 |
| NSRGF | Nestle SA-REG | 0.05% | 39,870 | $4,795,000 |
| CABJF | Carlsberg B A/S | 0.05% | 29,246 | $4,673,000 |
| UNP | Union Pac Corp | 0.04% | 21,695 | $4,439,000 |
| DOV | Dover Corp | 0.04% | 28,592 | $4,222,000 |
| LRLCF | Loreal SA | 0.04% | 8,436 | $3,931,000 |
| MKC | McCormick Inc | 0.04% | 45,000 | $3,925,000 |
| COST | Costco Whsl Corp | 0.03% | 5,228 | $2,814,000 |
| HINKF | Heineken NV | 0.03% | 25,441 | $2,614,000 |
| PEP | Pepsico Inc | 0.03% | 14,063 | $2,605,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 21,430 | $2,565,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,357,000 |
| — | Unilever PLC | 0.02% | 44,000 | $2,290,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 262,045 | $2,154,000 |
| ABBV | AbbVie Inc | 0.02% | 12,591 | $1,696,000 |
| — | Outfront Media Inc | 0.02% | 97,924 | $1,539,000 |
| AAPL | Apple Inc | 0.01% | 7,564 | $1,467,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 13,220 | $1,465,000 |
| PNC | PNC Bank Corp | 0.01% | 11,268 | $1,419,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,026 | $1,288,000 |
| ABT | Abbott Labs | 0.01% | 11,610 | $1,266,000 |
| KO | Coca-Cola | 0.01% | 20,159 | $1,214,000 |
| FULT | Fulton Finl Corp | 0.01% | 99,905 | $1,191,000 |
| DOW | Dow Inc | 0.01% | 20,402 | $1,087,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 61,522 | $1,043,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 17,530 | $774,000 |
| MSFT | Microsoft Corp | 0.01% | 2,233 | $760,000 |
| CVX | Chevron Corp | 0.01% | 4,721 | $743,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $695,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 6,960 | $691,000 |
| GHC | Graham Holdings Co | 0.01% | 1,169 | $668,000 |
| DGEAF | Diageo PLC | 0.01% | 13,841 | $595,000 |
| MCD | McDonalds Corp | 0.01% | 1,986 | $593,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 3,455 | $543,000 |
| — | Pioneer Nat Res | 0.00% | 2,400 | $497,000 |
| CTVA | Corteva Inc | 0.00% | 8,677 | $497,000 |
| MRK | Merck Inc | 0.00% | 3,960 | $457,000 |
| ORCL | Oracle Corp | 0.00% | 3,605 | $429,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.00% | 445 | $419,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,455 | $410,000 |
| DIS | Disney Walt Productions | 0.00% | 4,435 | $396,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,253 | $347,000 |
| TFC | Truist Financial Corp | 0.00% | 11,082 | $336,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,411 | $322,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $315,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $306,000 |
| DHR | Danaher Corp | 0.00% | 1,083 | $260,000 |
| — | BP PLC ADR | 0.00% | 6,804 | $240,000 |
| HEINY | Heineken NV Sponsored ADR | 0.00% | 4,564 | $234,000 |
| LVMUY | LVMH Moet Hennessy Louis Vuitt | 0.00% | 1,124 | $212,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $209,000 |
| DANOY | Danone ADR | 0.00% | 16,562 | $203,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $189,000 |
| — | Cir SPA | 0.00% | 251,250 | $104,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.46% | 2,579 | $1,200,782,000 |
| NSRGY | Nestle SA Sponsored ADR | 10.34% | 8,191,861 | $996,868,000 |
| MA | Mastercard Inc Cl A | 9.33% | 2,474,848 | $899,384,000 |
| CFRHF | Compagnie Financiere Richemont | 9.15% | 5,523,910 | $882,205,000 |
| GOOG | Alphabet Inc Cl C | 9.09% | 8,427,202 | $876,429,000 |
| HKHHF | Heineken Holding NV | 7.81% | 8,195,112 | $752,798,000 |
| PDRDF | Pernod Ricard | 6.88% | 2,925,535 | $663,342,000 |
| PM | Philip Morris International In | 6.49% | 6,430,332 | $625,350,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.26% | 1,641,630 | $506,886,000 |
| NFLX | Netflix Inc | 3.82% | 1,065,603 | $368,145,000 |
| MLM | Martin Marietta Materials | 3.69% | 1,001,338 | $355,535,000 |
| AHTGBP | Ashtead Group PLC | 3.29% | 5,169,533 | $316,909,000 |
| JPM | J.P. Morgan Chase | 2.46% | 1,818,859 | $237,015,000 |
| — | Unilever PLC ADR | 2.29% | 4,250,863 | $220,747,000 |
| BF/A | Brown-Forman Corp Cl A | 1.66% | 2,449,158 | $159,661,000 |
| CMCSA | Comcast Corp New Cl A | 1.48% | 3,764,199 | $142,701,000 |
| V | Visa Inc Cl A | 0.80% | 341,089 | $76,902,000 |
| BF/B | Brown-Forman Corp Cl B | 0.66% | 991,720 | $63,738,000 |
| CABO | Cable One Inc | 0.66% | 90,219 | $63,334,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.41% | 586,839 | $39,102,000 |
| WFC | Wells Fargo | 0.29% | 751,014 | $28,073,000 |
| XOM | Exxon Mobil Corp | 0.20% | 177,068 | $19,417,000 |
| MO | Altria Group Inc | 0.15% | 324,590 | $14,483,000 |
| MKL | Markel Corp | 0.13% | 9,750 | $12,455,000 |
| DVDCF | Davide Campari-Milano NV | 0.10% | 815,358 | $9,966,000 |
| VMC | Vulcan Materials | 0.10% | 54,762 | $9,395,000 |
| — | Crane Holdings | 0.08% | 70,331 | $7,983,000 |
| AXP | American Express | 0.07% | 38,446 | $6,342,000 |
| PG | Procter & Gamble | 0.06% | 36,875 | $5,483,000 |
| HRL | Hormel Foods Corp | 0.05% | 125,708 | $5,013,000 |
| NSRGF | Nestle SA-REG | 0.05% | 39,870 | $4,864,000 |
| CABJF | Carlsberg B A/S | 0.05% | 29,361 | $4,552,000 |
| DOV | Dover Corp | 0.05% | 29,317 | $4,454,000 |
| UNP | Union Pac Corp | 0.05% | 21,562 | $4,340,000 |
| LRLCF | Loreal SA | 0.04% | 8,436 | $3,769,000 |
| MKC | McCormick Inc | 0.04% | 44,400 | $3,695,000 |
| — | Outfront Media Inc | 0.03% | 185,674 | $3,013,000 |
| HINKF | Heineken NV | 0.03% | 25,441 | $2,738,000 |
| PEP | Pepsico Inc | 0.03% | 14,439 | $2,632,000 |
| COST | Costco Whsl Corp | 0.03% | 5,132 | $2,550,000 |
| — | Unilever PLC | 0.02% | 44,000 | $2,280,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,246,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 19,856 | $2,060,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 258,159 | $2,047,000 |
| ABBV | AbbVie Inc | 0.02% | 12,610 | $2,010,000 |
| PNC | PNC Bank Corp | 0.01% | 11,268 | $1,432,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 87,165 | $1,392,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,929 | $1,287,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 13,495 | $1,285,000 |
| KO | Coca-Cola | 0.01% | 19,769 | $1,226,000 |
| ABT | Abbott Labs | 0.01% | 11,775 | $1,192,000 |
| AAPL | Apple Inc | 0.01% | 6,982 | $1,151,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 24,933 | $1,131,000 |
| FULT | Fulton Finl Corp | 0.01% | 79,905 | $1,104,000 |
| DOW | Dow Inc | 0.01% | 20,136 | $1,104,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 7,925 | $792,000 |
| CVX | Chevron Corp | 0.01% | 4,826 | $787,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $735,000 |
| GHC | Graham Holdings Co | 0.01% | 1,168 | $696,000 |
| DGEAF | Diageo PLC | 0.01% | 14,627 | $654,000 |
| MSFT | Microsoft Corp | 0.01% | 2,129 | $614,000 |
| — | Compagnie Financiere Richemont | 0.01% | 482,470 | $607,000 |
| HEINY | Heineken NV Sponsored ADR | 0.01% | 11,176 | $601,000 |
| MCD | McDonalds Corp | 0.01% | 1,952 | $546,000 |
| CTVA | Corteva Inc | 0.01% | 8,654 | $522,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 3,455 | $509,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $490,000 |
| DIS | Disney Walt Productions | 0.00% | 4,455 | $446,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,455 | $415,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.00% | 445 | $408,000 |
| MRK | Merck Inc | 0.00% | 3,831 | $408,000 |
| TFC | Truist Financial Corp | 0.00% | 11,282 | $385,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $375,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $372,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $323,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $307,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,250 | $307,000 |
| DHR | Danaher Corp | 0.00% | 1,083 | $273,000 |
| — | BP PLC ADR | 0.00% | 6,719 | $255,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $220,000 |
| DANOY | Danone ADR | 0.00% | 16,562 | $206,000 |
| LVMUY | LVMH Moet Hennessy Louis Vuitt | 0.00% | 1,109 | $203,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $167,000 |
| — | Cir SPA | 0.00% | 251,250 | $105,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 13.45% | 2,600 | $1,218,648,000 |
| NSRGY | Nestle SA Sponsored ADR | 10.52% | 8,267,832 | $953,612,000 |
| MA | Mastercard Inc Cl A | 9.59% | 2,497,748 | $868,542,000 |
| CFRHF | Compagnie Financiere Richemont | 8.05% | 5,626,912 | $729,212,000 |
| GOOG | Alphabet Inc Cl C | 7.77% | 7,932,302 | $703,833,000 |
| PM | Philip Morris International In | 7.21% | 6,458,197 | $653,634,000 |
| HKHHF | Heineken Holding NV | 7.00% | 8,243,545 | $633,890,000 |
| PDRDF | Pernod Ricard | 6.36% | 2,937,753 | $576,114,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.66% | 1,659,081 | $512,490,000 |
| MLM | Martin Marietta Materials | 3.77% | 1,010,403 | $341,486,000 |
| NFLX | Netflix Inc | 3.48% | 1,070,563 | $315,688,000 |
| AHTGBP | Ashtead Group PLC | 3.25% | 5,191,787 | $294,773,000 |
| — | Unilever PLC ADR | 3.04% | 5,463,056 | $275,065,000 |
| JPM | J.P. Morgan Chase | 2.73% | 1,844,064 | $247,289,000 |
| BF/A | Brown-Forman Corp Cl A | 1.80% | 2,477,243 | $162,903,000 |
| CMCSA | Comcast Corp New Cl A | 1.47% | 3,815,477 | $133,427,000 |
| V | Visa Inc Cl A | 0.80% | 346,711 | $72,033,000 |
| BF/B | Brown-Forman Corp Cl B | 0.72% | 998,582 | $65,587,000 |
| CABO | Cable One Inc | 0.70% | 89,621 | $63,798,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.41% | 611,754 | $36,738,000 |
| WFC | Wells Fargo | 0.35% | 766,181 | $31,636,000 |
| XOM | Exxon Mobil Corp | 0.21% | 176,458 | $19,463,000 |
| MO | Altria Group Inc | 0.16% | 325,292 | $14,869,000 |
| MKL | Markel Corp | 0.13% | 8,725 | $11,495,000 |
| — | Compagnie Financiere Richemont | 0.12% | 13,407,268 | $11,158,000 |
| VMC | Vulcan Materials | 0.11% | 55,162 | $9,659,000 |
| DVDCF | Davide Campari-Milano NV | 0.09% | 812,678 | $8,226,000 |
| — | Crane Holdings | 0.08% | 71,706 | $7,203,000 |
| HRL | Hormel Foods Corp | 0.07% | 130,233 | $5,932,000 |
| AXP | American Express | 0.06% | 38,831 | $5,737,000 |
| PG | Procter & Gamble | 0.06% | 35,977 | $5,453,000 |
| NSRGF | Nestle SA-REG | 0.05% | 39,870 | $4,617,000 |
| DOV | Dover Corp | 0.04% | 29,662 | $4,017,000 |
| UNP | Union Pac Corp | 0.04% | 18,556 | $3,842,000 |
| HINKF | Heineken NV | 0.04% | 40,441 | $3,793,000 |
| CABJF | Carlsberg B A/S | 0.04% | 28,526 | $3,780,000 |
| MKC | McCormick Inc | 0.04% | 45,000 | $3,730,000 |
| — | Outfront Media Inc | 0.04% | 222,055 | $3,682,000 |
| PEP | Pepsico Inc | 0.04% | 19,777 | $3,573,000 |
| LRLCF | Loreal SA | 0.03% | 7,816 | $2,783,000 |
| COST | Costco Whsl Corp | 0.03% | 5,389 | $2,460,000 |
| — | Unilever PLC | 0.02% | 44,000 | $2,201,000 |
| ABBV | AbbVie Inc | 0.02% | 12,610 | $2,038,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $1,951,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 254,146 | $1,921,000 |
| PNC | PNC Bank Corp | 0.02% | 11,268 | $1,780,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 19,640 | $1,733,000 |
| CFRUY | Compagnie Financiere Richemont | 0.02% | 110,946 | $1,438,000 |
| KO | Coca-Cola | 0.01% | 20,995 | $1,335,000 |
| ABT | Abbott Labs | 0.01% | 11,775 | $1,293,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.01% | 32,317 | $1,268,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,836 | $1,224,000 |
| FULT | Fulton Finl Corp | 0.01% | 67,405 | $1,134,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 13,871 | $1,084,000 |
| DOW | Dow Inc | 0.01% | 19,888 | $1,002,000 |
| AAPL | Apple Inc | 0.01% | 6,982 | $907,000 |
| CVX | Chevron Corp | 0.01% | 4,813 | $864,000 |
| DGEAF | Diageo PLC | 0.01% | 19,351 | $850,000 |
| HEINY | Heineken NV Sponsored ADR | 0.01% | 17,770 | $833,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 7,925 | $748,000 |
| GHC | Graham Holdings Co | 0.01% | 1,165 | $704,000 |
| DANOY | Danone ADR | 0.01% | 66,737 | $701,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $615,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $548,000 |
| MSFT | Microsoft Corp | 0.01% | 2,285 | $548,000 |
| MCD | McDonalds Corp | 0.01% | 1,952 | $514,000 |
| CTVA | Corteva Inc | 0.01% | 8,631 | $507,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 3,480 | $493,000 |
| TFC | Truist Financial Corp | 0.01% | 10,917 | $470,000 |
| MRK | Merck Inc | 0.00% | 3,673 | $408,000 |
| DIS | Disney Walt Productions | 0.00% | 4,559 | $396,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,530 | $383,000 |
| MLKN | MillerKnoll Inc | 0.00% | 15,600 | $328,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $327,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $314,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $293,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $293,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,250 | $284,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $270,000 |
| — | BP PLC ADR | 0.00% | 6,889 | $241,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $199,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $138,000 |
| — | Cir SPA | 0.00% | 251,250 | $117,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 13.33% | 2,710 | $1,101,534,000 |
| NSRGY | Nestle SA Sponsored ADR | 11.36% | 8,722,425 | $938,620,000 |
| MA | Mastercard Inc Cl A | 9.16% | 2,661,848 | $756,870,000 |
| GOOG | Alphabet Inc Cl C | 8.96% | 7,700,535 | $740,406,000 |
| PM | Philip Morris International In | 6.88% | 6,852,288 | $568,808,000 |
| HKHHF | Heineken Holding NV | 6.86% | 8,208,621 | $566,931,000 |
| CFRHF | Compagnie Financiere Richemont | 6.77% | 5,843,425 | $559,734,000 |
| PDRDF | Pernod Ricard | 6.73% | 3,005,697 | $556,075,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.55% | 1,717,887 | $458,710,000 |
| MLM | Martin Marietta Materials | 4.16% | 1,067,783 | $343,922,000 |
| — | Unilever PLC ADR | 3.40% | 6,407,128 | $280,888,000 |
| AHTGBP | Ashtead Group PLC | 2.92% | 5,284,992 | $241,059,000 |
| NFLX | Netflix Inc | 2.68% | 940,802 | $221,502,000 |
| JPM | J.P. Morgan Chase | 2.44% | 1,928,564 | $201,535,000 |
| BF/A | Brown-Forman Corp Cl A | 2.14% | 2,624,001 | $177,278,000 |
| CMCSA | Comcast Corp New Cl A | 1.41% | 3,985,573 | $116,897,000 |
| CABO | Cable One Inc | 0.99% | 95,713 | $81,648,000 |
| BF/B | Brown-Forman Corp Cl B | 0.83% | 1,032,898 | $68,760,000 |
| V | Visa Inc Cl A | 0.78% | 363,212 | $64,525,000 |
| WFC | Wells Fargo | 0.38% | 784,511 | $31,553,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.36% | 642,884 | $29,440,000 |
| XOM | Exxon Mobil Corp | 0.19% | 179,099 | $15,637,000 |
| MO | Altria Group Inc | 0.16% | 335,936 | $13,565,000 |
| — | Swedish Match AB | 0.12% | 1,029,195 | $10,202,000 |
| VMC | Vulcan Materials | 0.11% | 55,407 | $8,738,000 |
| MKL | Markel Corp | 0.11% | 8,037 | $8,714,000 |
| DVDCF | Davide Campari-Milano NV | 0.09% | 813,493 | $7,262,000 |
| — | Crane Holdings | 0.08% | 73,281 | $6,415,000 |
| — | Compagnie Financiere Richemont | 0.07% | 13,562,528 | $6,063,000 |
| HRL | Hormel Foods Corp | 0.07% | 132,281 | $6,011,000 |
| AXP | American Express | 0.07% | 39,836 | $5,374,000 |
| NSRGF | Nestle SA-REG | 0.06% | 42,370 | $4,610,000 |
| PG | Procter & Gamble | 0.05% | 35,091 | $4,430,000 |
| — | Outfront Media Inc | 0.04% | 240,833 | $3,658,000 |
| UNP | Union Pac Corp | 0.04% | 18,451 | $3,595,000 |
| DOV | Dover Corp | 0.04% | 29,762 | $3,470,000 |
| HINKF | Heineken NV | 0.04% | 39,066 | $3,439,000 |
| PEP | Pepsico Inc | 0.04% | 20,865 | $3,406,000 |
| CABJF | Carlsberg B A/S | 0.04% | 28,771 | $3,388,000 |
| MKC | McCormick Inc | 0.04% | 45,150 | $3,218,000 |
| COST | Costco Whsl Corp | 0.03% | 5,389 | $2,545,000 |
| LRLCF | Loreal SA | 0.03% | 7,815 | $2,528,000 |
| — | Unilever PLC | 0.02% | 44,000 | $1,949,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $1,900,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 19,640 | $1,879,000 |
| PNC | PNC Bank Corp | 0.02% | 11,693 | $1,747,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 250,137 | $1,698,000 |
| ABBV | AbbVie Inc | 0.02% | 12,610 | $1,692,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.02% | 39,905 | $1,477,000 |
| CFRUY | Compagnie Financiere Richemont | 0.02% | 138,220 | $1,324,000 |
| KO | Coca-Cola | 0.01% | 20,995 | $1,176,000 |
| ABT | Abbott Labs | 0.01% | 11,775 | $1,139,000 |
| FULT | Fulton Finl Corp | 0.01% | 67,605 | $1,068,000 |
| AAPL | Apple Inc | 0.01% | 7,158 | $989,000 |
| HEINY | Heineken NV Sponsored ADR | 0.01% | 21,982 | $968,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,754 | $895,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 14,011 | $879,000 |
| DOW | Dow Inc | 0.01% | 19,618 | $862,000 |
| DGEAF | Diageo PLC | 0.01% | 19,351 | $820,000 |
| DANOY | Danone ADR | 0.01% | 73,337 | $698,000 |
| CVX | Chevron Corp | 0.01% | 4,802 | $690,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 7,925 | $654,000 |
| GHC | Graham Holdings Co | 0.01% | 1,162 | $625,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $553,000 |
| MSFT | Microsoft Corp | 0.01% | 2,310 | $538,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $520,000 |
| CTVA | Corteva Inc | 0.01% | 8,611 | $492,000 |
| TFC | Truist Financial Corp | 0.01% | 10,850 | $472,000 |
| DIS | Disney Walt Productions | 0.01% | 4,792 | $452,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 3,480 | $451,000 |
| MCD | McDonalds Corp | 0.01% | 1,952 | $450,000 |
| MLKN | MillerKnoll Inc | 0.00% | 24,230 | $378,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,530 | $369,000 |
| MRK | Merck Inc | 0.00% | 3,858 | $332,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $306,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $299,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $250,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $244,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $241,000 |
| — | Ashtead Group PLC ADR | 0.00% | 1,250 | $228,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $124,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $122,000 |
| — | Cir SPA | 0.00% | 251,250 | $97,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.59% | 2,752 | $1,125,430,000 |
| NSRGY | Nestle SA Sponsored ADR | 11.47% | 8,810,693 | $1,025,477,000 |
| MA | Mastercard Inc Cl A | 9.55% | 2,706,785 | $853,936,000 |
| GOOG | Alphabet Inc Cl C | 9.10% | 372,180 | $814,125,000 |
| PM | Philip Morris International In | 7.66% | 6,940,111 | $685,267,000 |
| CFRHF | Compagnie Financiere Richemont | 6.97% | 5,869,036 | $623,166,000 |
| HKHHF | Heineken Holding NV | 6.68% | 8,221,695 | $596,949,000 |
| PDRDF | Pernod Ricard | 6.20% | 3,023,558 | $554,120,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 5.34% | 1,748,767 | $477,448,000 |
| MLM | Martin Marietta Materials | 3.61% | 1,079,827 | $323,127,000 |
| — | Unilever PLC ADR | 3.57% | 6,962,917 | $319,110,000 |
| JPM | J.P. Morgan Chase | 2.46% | 1,954,492 | $220,095,000 |
| CMCSA | Comcast Corp New Cl A | 2.07% | 4,720,538 | $185,234,000 |
| BF/A | Brown-Forman Corp Cl A | 2.02% | 2,673,548 | $180,839,000 |
| BABA | Alibaba Group Hldg Ltd Sponsor | 2.01% | 1,581,740 | $179,812,000 |
| AHTGBP | Ashtead Group PLC | 1.97% | 4,221,181 | $176,297,000 |
| CABO | Cable One Inc | 1.35% | 93,938 | $121,116,000 |
| NFLX | Netflix Inc | 1.02% | 520,842 | $91,080,000 |
| BF/B | Brown-Forman Corp Cl B | 0.82% | 1,046,701 | $73,437,000 |
| V | Visa Inc Cl A | 0.81% | 368,640 | $72,582,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.43% | 722,473 | $38,793,000 |
| WFC | Wells Fargo | 0.36% | 830,783 | $32,542,000 |
| XOM | Exxon Mobil Corp | 0.17% | 178,264 | $15,267,000 |
| MO | Altria Group Inc | 0.16% | 332,846 | $13,903,000 |
| — | Swedish Match AB | 0.12% | 1,091,245 | $11,096,000 |
| VMC | Vulcan Materials | 0.10% | 61,887 | $8,794,000 |
| DVDCF | Davide Campari-Milano NV | 0.10% | 822,508 | $8,629,000 |
| MKL | Markel Corp | 0.10% | 6,611 | $8,550,000 |
| — | Compagnie Financiere Richemont | 0.08% | 13,659,405 | $7,419,000 |
| — | Crane Holdings | 0.07% | 74,356 | $6,511,000 |
| HRL | Hormel Foods Corp | 0.07% | 134,616 | $6,375,000 |
| AXP | American Express | 0.06% | 39,836 | $5,522,000 |
| PG | Procter & Gamble | 0.06% | 37,531 | $5,397,000 |
| NSRGF | Nestle SA-REG | 0.06% | 42,370 | $4,932,000 |
| — | Outfront Media Inc | 0.05% | 266,433 | $4,516,000 |
| CABJF | Carlsberg B A/S | 0.05% | 32,756 | $4,163,000 |
| UNP | Union Pac Corp | 0.04% | 18,340 | $3,912,000 |
| MKC | McCormick Inc | 0.04% | 46,050 | $3,834,000 |
| DOV | Dover Corp | 0.04% | 30,042 | $3,645,000 |
| HINKF | Heineken NV | 0.04% | 39,066 | $3,553,000 |
| PEP | Pepsico Inc | 0.04% | 21,185 | $3,531,000 |
| LRLCF | Loreal SA | 0.03% | 7,815 | $2,690,000 |
| COST | Costco Whsl Corp | 0.03% | 5,589 | $2,679,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 982 | $2,140,000 |
| — | Unilever PLC | 0.02% | 44,000 | $1,993,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $1,987,000 |
| ABBV | AbbVie Inc | 0.02% | 12,610 | $1,931,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 244,154 | $1,919,000 |
| PNC | PNC Bank Corp | 0.02% | 11,693 | $1,845,000 |
| CFRUY | Compagnie Financiere Richemont | 0.02% | 168,699 | $1,791,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.02% | 48,593 | $1,781,000 |
| KO | Coca-Cola | 0.02% | 21,365 | $1,344,000 |
| HEINY | Heineken NV Sponsored ADR | 0.01% | 28,908 | $1,315,000 |
| ABT | Abbott Labs | 0.01% | 11,775 | $1,279,000 |
| DOW | Dow Inc | 0.01% | 19,338 | $998,000 |
| FULT | Fulton Finl Corp | 0.01% | 68,053 | $983,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,653 | $981,000 |
| AAPL | Apple Inc | 0.01% | 7,158 | $979,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 14,146 | $955,000 |
| MSFT | Microsoft Corp | 0.01% | 3,629 | $932,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,375 | $836,000 |
| DGEAF | Diageo PLC | 0.01% | 19,401 | $832,000 |
| DANOY | Danone ADR | 0.01% | 73,337 | $817,000 |
| MLKN | MillerKnoll Inc | 0.01% | 26,630 | $700,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 7,925 | $697,000 |
| CVX | Chevron Corp | 0.01% | 4,789 | $693,000 |
| GHC | Graham Holdings Co | 0.01% | 1,160 | $657,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $581,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $535,000 |
| TFC | Truist Financial Corp | 0.01% | 10,787 | $512,000 |
| MCD | McDonalds Corp | 0.01% | 2,035 | $502,000 |
| DIS | Disney Walt Productions | 0.01% | 5,204 | $491,000 |
| CTVA | Corteva Inc | 0.01% | 8,590 | $465,000 |
| WMT | Wal Mart Stores Inc | 0.00% | 3,480 | $423,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,530 | $414,000 |
| MRK | Merck Inc | 0.00% | 3,909 | $356,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $327,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $300,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $279,000 |
| MDLZ | Mondelez International Inc | 0.00% | 4,400 | $273,000 |
| — | Alleghany Corp | 0.00% | 324 | $270,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $261,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $176,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $143,000 |
| — | Cir SPA | 0.00% | 251,250 | $106,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 14.24% | 2,799 | $1,480,450,000 |
| NSRGY | Nestle SA Sponsored ADR | 11.16% | 8,912,209 | $1,159,478,000 |
| MA | Mastercard Inc Cl A | 9.62% | 2,798,219 | $1,000,028,000 |
| GOOG | Alphabet Inc Cl C | 9.42% | 350,345 | $978,510,000 |
| CFRHF | Compagnie Financiere Richemont | 7.31% | 5,923,312 | $759,523,000 |
| PDRDF | Pernod Ricard | 6.41% | 3,003,615 | $666,055,000 |
| PM | Philip Morris International In | 6.33% | 7,005,566 | $658,103,000 |
| HKHHF | Heineken Holding NV | 6.26% | 8,229,407 | $651,024,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.06% | 1,783,715 | $629,491,000 |
| MLM | Martin Marietta Materials | 4.05% | 1,092,971 | $420,674,000 |
| — | Unilever PLC ADR | 3.43% | 7,826,397 | $356,649,000 |
| JPM | J.P. Morgan Chase | 2.80% | 2,133,032 | $290,775,000 |
| CMCSA | Comcast Corp New Cl A | 2.20% | 4,875,977 | $228,293,000 |
| AHTGBP | Ashtead Group PLC | 1.82% | 2,970,804 | $189,043,000 |
| BABA | Alibaba Group Hldg Ltd Sponsor | 1.65% | 1,573,018 | $171,144,000 |
| BF/A | Brown-Forman Corp Cl A | 1.63% | 2,700,581 | $169,434,000 |
| CABO | Cable One Inc | 1.30% | 92,513 | $135,462,000 |
| V | Visa Inc Cl A | 0.81% | 379,237 | $84,103,000 |
| BF/B | Brown-Forman Corp Cl B | 0.69% | 1,071,033 | $71,781,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.47% | 804,543 | $48,572,000 |
| WFC | Wells Fargo | 0.41% | 876,446 | $42,473,000 |
| MO | Altria Group Inc | 0.17% | 331,544 | $17,323,000 |
| XOM | Exxon Mobil Corp | 0.14% | 179,863 | $14,855,000 |
| VMC | Vulcan Materials | 0.12% | 67,177 | $12,340,000 |
| — | Compagnie Financiere Richemont | 0.10% | 13,715,823 | $10,880,000 |
| DVDCF | Davide Campari-Milano NV | 0.10% | 881,217 | $10,349,000 |
| — | Swedish Match AB | 0.10% | 1,304,263 | $9,920,000 |
| MKL | Markel Corp | 0.09% | 6,517 | $9,614,000 |
| — | Crane | 0.08% | 74,356 | $8,051,000 |
| AXP | American Express | 0.07% | 40,217 | $7,521,000 |
| — | Outfront Media Inc | 0.07% | 257,543 | $7,322,000 |
| HRL | Hormel Foods Corp | 0.07% | 137,791 | $7,102,000 |
| PG | Procter & Gamble | 0.06% | 38,372 | $5,863,000 |
| NSRGF | Nestle SA-REG | 0.05% | 42,370 | $5,534,000 |
| UNP | Union Pac Corp | 0.05% | 18,324 | $5,006,000 |
| DOV | Dover Corp | 0.05% | 30,217 | $4,741,000 |
| MKC | McCormick Inc | 0.05% | 47,225 | $4,713,000 |
| CABJF | Carlsberg B A/S | 0.04% | 37,536 | $4,660,000 |
| HINKF | Heineken NV | 0.04% | 39,066 | $3,763,000 |
| PEP | Pepsico Inc | 0.03% | 21,667 | $3,627,000 |
| COST | Costco Whsl Corp | 0.03% | 5,739 | $3,305,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 982 | $2,731,000 |
| LRLCF | Loreal SA | 0.03% | 6,745 | $2,731,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,308,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 239,081 | $2,204,000 |
| CFRUY | Compagnie Financiere Richemont | 0.02% | 168,699 | $2,163,000 |
| PNC | PNC Bank Corp | 0.02% | 11,693 | $2,157,000 |
| PRNDY | Pernod-Ricard SA Unsponsored A | 0.02% | 48,023 | $2,130,000 |
| ABBV | AbbVie Inc | 0.02% | 12,910 | $2,093,000 |
| — | Unilever PLC | 0.02% | 44,000 | $2,005,000 |
| ABT | Abbott Labs | 0.01% | 12,275 | $1,453,000 |
| HEINY | Heineken NV Sponsored ADR | 0.01% | 28,908 | $1,392,000 |
| KO | Coca-Cola | 0.01% | 21,435 | $1,329,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,559 | $1,292,000 |
| AAPL | Apple Inc | 0.01% | 7,308 | $1,276,000 |
| FULT | Fulton Finl Corp | 0.01% | 74,689 | $1,241,000 |
| DOW | Dow Inc | 0.01% | 19,138 | $1,219,000 |
| FMX | Fomento Economico Mex Sponsore | 0.01% | 14,395 | $1,193,000 |
| MSFT | Microsoft Corp | 0.01% | 3,704 | $1,142,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,375 | $994,000 |
| DGEAF | Diageo PLC | 0.01% | 19,401 | $987,000 |
| MLKN | MillerKnoll Inc | 0.01% | 27,230 | $941,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,035 | $934,000 |
| DANOY | Danone ADR | 0.01% | 74,576 | $830,000 |
| CVX | Chevron Corp | 0.01% | 4,778 | $778,000 |
| DIS | Disney Walt Productions | 0.01% | 5,252 | $720,000 |
| GHC | Graham Holdings Co | 0.01% | 1,157 | $707,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 16,000 | $633,000 |
| TFC | Truist Financial Corp | 0.01% | 10,731 | $608,000 |
| — | Pioneer Nat Res | 0.01% | 2,400 | $600,000 |
| WMT | Wal Mart Stores Inc | 0.00% | 3,480 | $518,000 |
| MCD | McDonalds Corp | 0.00% | 2,050 | $507,000 |
| CTVA | Corteva Inc | 0.00% | 8,569 | $493,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,555 | $427,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $347,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $331,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $322,000 |
| MRK | Merck Inc | 0.00% | 3,899 | $320,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $305,000 |
| — | Alleghany Corp | 0.00% | 324 | $274,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $250,000 |
| KHC | Kraft Heinz Co | 0.00% | 6,000 | $236,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $160,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $114,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 11.96% | 2,976 | $1,341,170,000 |
| NSRGY | Nestle SA-Spons ADR | 11.58% | 9,250,167 | $1,298,446,000 |
| MA | Mastercard Inc Cl A | 9.80% | 3,058,213 | $1,098,877,000 |
| GOOG | Alphabet Inc Cl C | 9.37% | 362,996 | $1,050,362,000 |
| CFRHF | Compagnie Financiere Richemont | 8.17% | 6,091,713 | $915,612,000 |
| PDRDF | Pernod Ricard | 6.72% | 3,130,439 | $752,926,000 |
| HKHHF | Heineken Holding NV | 6.37% | 7,739,293 | $714,211,000 |
| PM | Philip Morris International In | 6.14% | 7,241,512 | $687,944,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 4.87% | 1,826,210 | $546,037,000 |
| MLM | Martin Marietta Materials | 4.59% | 1,168,678 | $514,826,000 |
| — | Unilever PLC ADR | 4.08% | 8,501,212 | $457,280,000 |
| JPM | J.P. Morgan Chase | 3.31% | 2,344,257 | $371,213,000 |
| CMCSA | Comcast Corp New Cl A | 2.26% | 5,031,770 | $253,249,000 |
| AHTGBP | Ashtead Group PLC | 1.76% | 2,454,697 | $197,557,000 |
| BF/A | Brown-Forman Corp Cl A | 1.69% | 2,798,664 | $189,721,000 |
| BABA | Alibaba Group Hldg Ltd Sponsor | 1.66% | 1,562,502 | $185,610,000 |
| CABO | Cable One Inc | 1.43% | 90,821 | $160,158,000 |
| V | Visa Inc Cl A | 0.74% | 382,157 | $82,817,000 |
| BF/B | Brown-Forman Corp Cl B | 0.71% | 1,092,274 | $79,583,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.45% | 838,781 | $50,717,000 |
| WFC | Wells Fargo | 0.45% | 1,047,346 | $50,252,000 |
| MO | Altria Group Inc | 0.14% | 331,175 | $15,694,000 |
| — | Compagnie Financiere Richemont | 0.14% | 13,800,707 | $15,146,000 |
| VMC | Vulcan Materials | 0.12% | 66,952 | $13,898,000 |
| DVDCF | Davide Campari-Milano NV | 0.11% | 878,836 | $12,847,000 |
| XOM | Exxon Mobil Corp | 0.10% | 179,067 | $10,957,000 |
| — | Swedish Match AB | 0.10% | 1,347,281 | $10,717,000 |
| MKL | Markel Corp | 0.07% | 6,527 | $8,054,000 |
| — | Crane | 0.07% | 75,056 | $7,635,000 |
| — | Outfront Media Inc | 0.07% | 284,313 | $7,625,000 |
| HRL | Hormel Foods Corp | 0.06% | 138,991 | $6,784,000 |
| AXP | American Express | 0.06% | 41,077 | $6,720,000 |
| PG | Procter & Gamble | 0.06% | 37,757 | $6,176,000 |
| CABJF | Carlsberg B A/S | 0.05% | 34,382 | $5,938,000 |
| NSRGF | Nestle SA-REG | 0.05% | 42,370 | $5,926,000 |
| DOV | Dover Corp | 0.05% | 30,467 | $5,533,000 |
| MKC | McCormick Inc | 0.04% | 47,825 | $4,620,000 |
| UNP | Union Pac Corp | 0.04% | 18,252 | $4,598,000 |
| HINKF | Heineken NV | 0.04% | 39,066 | $4,392,000 |
| PEP | Pepsico Inc | 0.03% | 21,756 | $3,779,000 |
| LRLCF | Loreal SA | 0.03% | 6,745 | $3,198,000 |
| COST | Costco Whsl Corp | 0.03% | 5,264 | $2,988,000 |
| GOOGL | Alphabet Inc Cl A | 0.03% | 994 | $2,880,000 |
| CFRUY | Compagnie Financiere Richemont | 0.02% | 171,678 | $2,580,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,548,000 |
| PNC | PNC Bank Corp | 0.02% | 12,193 | $2,445,000 |
| — | Unilever PLC | 0.02% | 44,000 | $2,354,000 |
| PRNDY | Pernod-Ricard SA-Unspon ADR | 0.02% | 48,838 | $2,349,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 234,799 | $2,334,000 |
| MLKN | MillerKnoll Inc | 0.02% | 58,821 | $2,305,000 |
| ABBV | AbbVie Inc | 0.02% | 12,910 | $1,748,000 |
| ABT | Abbott Labs | 0.02% | 12,275 | $1,728,000 |
| HEINY | Heineken NV Spons ADR | 0.01% | 29,550 | $1,661,000 |
| DANOY | Danone ADR | 0.01% | 133,531 | $1,658,000 |
| FMX | Fomento Economico Mex Sp ADR | 0.01% | 20,295 | $1,577,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,094 | $1,462,000 |
| FULT | Fulton Finl Corp | 0.01% | 74,689 | $1,270,000 |
| KO | Coca-Cola | 0.01% | 21,435 | $1,269,000 |
| MSFT | Microsoft Corp | 0.01% | 3,449 | $1,160,000 |
| AAPL | Apple Inc | 0.01% | 6,485 | $1,152,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,375 | $1,137,000 |
| DOW | Dow Inc | 0.01% | 19,426 | $1,102,000 |
| DGEAF | Diageo PLC | 0.01% | 19,401 | $1,061,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,035 | $975,000 |
| DIS | Disney Walt Productions | 0.01% | 5,252 | $814,000 |
| GHC | Graham Holdings Co | 0.01% | 1,154 | $727,000 |
| HKHHY | Heineken Holding NV ADR | 0.01% | 14,000 | $646,000 |
| TFC | Truist Financial Corp | 0.01% | 10,686 | $626,000 |
| CVX | Chevron Corp | 0.00% | 4,767 | $559,000 |
| MCD | McDonalds Corp | 0.00% | 2,030 | $544,000 |
| WMT | Wal Mart Stores Inc | 0.00% | 3,480 | $504,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 5,555 | $477,000 |
| — | Pioneer Nat Res | 0.00% | 2,400 | $437,000 |
| CTVA | Corteva Inc | 0.00% | 9,057 | $428,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $389,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $349,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $345,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $339,000 |
| MRK | Merck Inc | 0.00% | 3,888 | $298,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $263,000 |
| NKE | Nike Inc - Cl B | 0.00% | 1,542 | $257,000 |
| — | Alleghany Corp | 0.00% | 324 | $216,000 |
| KHC | Kraft Heinz Co | 0.00% | 6,000 | $215,000 |
| SBUX | Starbucks Corp | 0.00% | 1,778 | $208,000 |
| SHW | Sherwin-Williams | 0.00% | 585 | $206,000 |
| LVMUY | LVMH Moet Hennessy Louis Vuitt | 0.00% | 1,229 | $203,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 13,650 | $200,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $134,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 11.54% | 3,044 | $1,252,238,000 |
| NSRGY | Nestle SA-Spons ADR | 10.54% | 9,510,972 | $1,143,314,000 |
| MA | Mastercard Inc Cl A | 10.11% | 3,155,872 | $1,097,234,000 |
| GOOG | Alphabet Inc Cl C | 9.43% | 383,666 | $1,022,589,000 |
| PDRDF | Pernod Ricard | 6.72% | 3,296,810 | $728,634,000 |
| PM | Philip Morris International In | 6.56% | 7,513,648 | $712,219,000 |
| CFRHF | Compagnie Financiere Richemont | 6.01% | 6,239,671 | $651,625,000 |
| HKHHF | Heineken Holding NV | 5.88% | 7,320,416 | $638,421,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 4.78% | 1,899,976 | $518,579,000 |
| — | Unilever PLC ADR | 4.71% | 9,414,768 | $510,469,000 |
| JPM | J.P. Morgan Chase | 3.80% | 2,515,409 | $411,747,000 |
| MLM | Martin Marietta Materials | 3.76% | 1,192,297 | $407,384,000 |
| BUDFF | Anheuser-Busch InBev SA | 2.68% | 5,108,358 | $290,955,000 |
| CMCSA | Comcast Corp New Cl A | 2.68% | 5,189,614 | $290,255,000 |
| BABA | Alibaba Group Hldg Ltd Spons A | 2.18% | 1,595,076 | $236,151,000 |
| AHTGBP | Ashtead Group PLC | 1.74% | 2,485,746 | $189,234,000 |
| BF/A | Brown-Forman Corp Cl A | 1.66% | 2,868,801 | $179,788,000 |
| CABO | Cable One Inc | 1.47% | 87,731 | $159,067,000 |
| V | Visa Inc Cl A | 0.83% | 402,770 | $89,717,000 |
| BF/B | Brown-Forman Corp Cl B | 0.70% | 1,132,510 | $75,890,000 |
| WFC | Wells Fargo | 0.46% | 1,073,517 | $49,822,000 |
| MO | Altria Group Inc | 0.14% | 329,612 | $15,004,000 |
| DVDCF | Davide Campari-Milano NV | 0.11% | 879,436 | $12,414,000 |
| — | Swedish Match AB | 0.11% | 1,352,270 | $11,849,000 |
| VMC | Vulcan Materials | 0.11% | 68,652 | $11,613,000 |
| XOM | Exxon Mobil Corp | 0.10% | 177,987 | $10,469,000 |
| MKL | Markel Corp | 0.07% | 6,602 | $7,890,000 |
| — | Outfront Media Inc | 0.07% | 297,287 | $7,492,000 |
| — | Crane | 0.07% | 77,756 | $7,372,000 |
| AXP | American Express | 0.07% | 42,651 | $7,145,000 |
| — | Compagnie Financiere Richemont | 0.06% | 14,066,170 | $6,635,000 |
| PG | Procter & Gamble | 0.06% | 42,823 | $5,987,000 |
| CABJF | Carlsberg B A/S | 0.05% | 35,379 | $5,787,000 |
| HRL | Hormel Foods Corp | 0.05% | 140,781 | $5,772,000 |
| NSRGF | Nestle SA-REG | 0.05% | 42,370 | $5,119,000 |
| DOV | Dover Corp | 0.04% | 31,167 | $4,846,000 |
| HINKF | Heineken NV | 0.04% | 40,166 | $4,199,000 |
| MKC | McCormick Inc | 0.04% | 48,425 | $3,924,000 |
| UNP | Union Pac Corp | 0.03% | 18,173 | $3,562,000 |
| PEP | Pepsico Inc | 0.03% | 22,747 | $3,421,000 |
| — | Anheuser-Busch InBev SA Restri | 0.03% | 51,578 | $2,937,000 |
| PNC | PNC Bank Corp | 0.03% | 14,836 | $2,903,000 |
| LRLCF | Loreal SA | 0.03% | 6,745 | $2,790,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 994 | $2,657,000 |
| — | Unilever PLC | 0.02% | 46,250 | $2,500,000 |
| COST | Costco Whsl Corp | 0.02% | 5,264 | $2,365,000 |
| MLKN | MillerKnoll Inc | 0.02% | 61,321 | $2,309,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 19 | $2,238,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 230,908 | $2,120,000 |
| PRNDY | Pernod-Ricard SA-Unspon ADR | 0.02% | 47,904 | $2,117,000 |
| DANOY | Danone ADR | 0.02% | 138,464 | $1,895,000 |
| FMX | Fomento Economico Mex Sp ADR | 0.02% | 21,411 | $1,857,000 |
| CFRUY | Compagnie Financiere Richemont | 0.02% | 169,563 | $1,771,000 |
| HEINY | Heineken NV Spons ADR | 0.01% | 29,456 | $1,540,000 |
| ABT | Abbott Labs | 0.01% | 12,275 | $1,450,000 |
| ABBV | AbbVie Inc | 0.01% | 12,910 | $1,393,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,028 | $1,226,000 |
| KO | Coca-Cola | 0.01% | 22,710 | $1,192,000 |
| FULT | Fulton Finl Corp | 0.01% | 74,839 | $1,144,000 |
| DOW | Dow Inc | 0.01% | 19,189 | $1,105,000 |
| MSFT | Microsoft Corp | 0.01% | 3,656 | $1,031,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,375 | $988,000 |
| DGEAF | Diageo PLC | 0.01% | 19,401 | $943,000 |
| AAPL | Apple Computer Inc | 0.01% | 6,645 | $940,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,035 | $912,000 |
| DIS | Disney Walt Productions | 0.01% | 5,222 | $883,000 |
| GHC | Graham Holdings Co | 0.01% | 1,151 | $678,000 |
| TFC | Truist Financial Corp | 0.01% | 10,642 | $624,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 4,480 | $624,000 |
| MCD | McDonalds Corp | 0.01% | 2,280 | $550,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 6,430 | $505,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 11,125 | $485,000 |
| CVX | Chevron Corp | 0.00% | 4,751 | $482,000 |
| — | Pioneer Nat Res | 0.00% | 2,400 | $400,000 |
| CTVA | Corteva Inc | 0.00% | 9,031 | $380,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $360,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $360,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $351,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $349,000 |
| MRK | Merck Inc | 0.00% | 3,878 | $291,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $279,000 |
| BUD | Anheuser-Busch InBev ADR | 0.00% | 3,981 | $224,000 |
| NKE | Nike Inc - Cl B | 0.00% | 1,542 | $224,000 |
| KHC | Kraft Heinz Co | 0.00% | 6,000 | $221,000 |
| — | Alleghany Corp | 0.00% | 324 | $202,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 11,475 | $162,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $141,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 11.12% | 3,145 | $1,316,500,000 |
| MA | Mastercard Inc Cl A | 10.51% | 3,408,038 | $1,244,241,000 |
| NSRGY | Nestle SA-Spons ADR | 10.31% | 9,780,019 | $1,219,960,000 |
| GOOG | Alphabet Inc Cl C | 8.44% | 398,721 | $999,322,000 |
| PM | Philip Morris International In | 6.62% | 7,900,711 | $783,039,000 |
| CFRHF | Compagnie Financiere Richemont | 6.57% | 6,424,393 | $778,072,000 |
| PDRDF | Pernod Ricard | 6.36% | 3,392,609 | $753,161,000 |
| HKHHF | Heineken Holding NV | 6.30% | 7,396,894 | $745,179,000 |
| — | Unilever PLC ADR | 4.81% | 9,734,425 | $569,464,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 4.53% | 1,931,245 | $536,732,000 |
| MLM | Martin Marietta Materials | 3.67% | 1,235,775 | $434,758,000 |
| JPM | J.P. Morgan Chase | 3.66% | 2,788,140 | $433,667,000 |
| BUDFF | Anheuser-Busch InBev SA | 3.21% | 5,269,728 | $380,024,000 |
| BABA | Alibaba Group Hldg Ltd Spons A | 2.80% | 1,463,677 | $331,933,000 |
| CMCSA | Comcast Corp New Cl A | 2.58% | 5,363,742 | $305,841,000 |
| BF/A | Brown-Forman Corp Cl A | 1.73% | 2,900,487 | $204,484,000 |
| AHTGBP | Ashtead Group PLC | 1.59% | 2,543,263 | $188,458,000 |
| CABO | Cable One Inc | 1.45% | 89,855 | $171,875,000 |
| V | Visa Inc Cl A | 0.80% | 406,354 | $95,014,000 |
| BF/B | Brown-Forman Corp Cl B | 0.76% | 1,203,700 | $90,205,000 |
| WFC | Wells Fargo | 0.44% | 1,144,747 | $51,846,000 |
| MO | Altria Group Inc | 0.13% | 328,471 | $15,662,000 |
| VMC | Vulcan Materials | 0.10% | 68,812 | $11,978,000 |
| DVDCF | Davide Campari-Milano NV | 0.10% | 882,086 | $11,815,000 |
| — | Swedish Match AB | 0.10% | 1,358,375 | $11,592,000 |
| XOM | Exxon Mobil Corp | 0.09% | 176,699 | $11,146,000 |
| — | Compagnie Financiere Richemont | 0.08% | 14,395,190 | $9,655,000 |
| MKL | Markel Corp | 0.07% | 6,702 | $7,953,000 |
| — | Crane | 0.06% | 82,806 | $7,649,000 |
| — | Outfront Media Inc | 0.06% | 305,504 | $7,341,000 |
| AXP | American Express | 0.06% | 43,783 | $7,234,000 |
| HRL | Hormel Foods Corp | 0.06% | 142,971 | $6,827,000 |
| PG | Procter & Gamble | 0.05% | 42,543 | $5,740,000 |
| NSRGF | Nestle SA-REG | 0.04% | 42,370 | $5,281,000 |
| DOV | Dover Corp | 0.04% | 34,132 | $5,140,000 |
| HINKF | Heineken NV | 0.04% | 40,166 | $4,868,000 |
| MKC | McCormick Inc | 0.04% | 48,500 | $4,284,000 |
| CABJF | Carlsberg B A/S | 0.04% | 22,291 | $4,156,000 |
| UNP | Union Pac Corp | 0.03% | 17,091 | $3,759,000 |
| — | Anheuser-Busch InBev SA Restri | 0.03% | 51,578 | $3,719,000 |
| PEP | Pepsico Inc | 0.03% | 22,856 | $3,387,000 |
| LRLCF | Loreal SA | 0.03% | 7,020 | $3,129,000 |
| MLKN | Herman Miller Inc | 0.02% | 61,921 | $2,919,000 |
| PNC | PNC Bank Corp | 0.02% | 14,913 | $2,845,000 |
| — | Unilever PLC | 0.02% | 46,250 | $2,708,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 1,061 | $2,591,000 |
| — | Eaton Vance Sr Income TR SF | 0.02% | 379,440 | $2,580,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 227,492 | $2,213,000 |
| DANOY | Danone ADR | 0.02% | 148,999 | $2,098,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 20 | $2,097,000 |
| COST | Costco Whsl Corp | 0.02% | 5,168 | $2,045,000 |
| FMX | Fomento Economico Mex Sp ADR | 0.02% | 22,861 | $1,932,000 |
| — | Pernod-Ricard SA-Unspon ADR | 0.01% | 37,389 | $1,660,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 129,415 | $1,567,000 |
| ABBV | AbbVie Inc | 0.01% | 12,610 | $1,420,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,955 | $1,390,000 |
| ABT | Abbott Labs | 0.01% | 11,975 | $1,388,000 |
| KO | Coca-Cola | 0.01% | 22,710 | $1,229,000 |
| DOW | Dow Inc | 0.01% | 18,980 | $1,201,000 |
| FULT | Fulton Finl Corp | 0.01% | 74,421 | $1,174,000 |
| HEINY | Heineken NV Spons ADR | 0.01% | 18,748 | $1,136,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,375 | $1,078,000 |
| DGEAF | Diageo PLC | 0.01% | 22,151 | $1,059,000 |
| MSFT | Microsoft Corp | 0.01% | 3,602 | $976,000 |
| DIS | Disney Walt Productions | 0.01% | 5,222 | $918,000 |
| AAPL | Apple Computer Inc | 0.01% | 6,348 | $869,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,035 | $839,000 |
| GHC | Graham Holdings Co | 0.01% | 1,149 | $728,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 4,480 | $632,000 |
| TFC | Truist Financial Corp | 0.00% | 10,596 | $588,000 |
| — | Reckitt Benckiser Group PLC | 0.00% | 6,430 | $568,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 10,750 | $541,000 |
| MCD | McDonalds Corp | 0.00% | 2,280 | $527,000 |
| CVX | Chevron Corp | 0.00% | 4,833 | $506,000 |
| LTGIF | LT Group Inc | 0.00% | 1,525,000 | $403,000 |
| CTVA | Corteva Inc | 0.00% | 9,004 | $399,000 |
| — | Pioneer Nat Res | 0.00% | 2,400 | $390,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $317,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $311,000 |
| MRK | Merck Inc | 0.00% | 3,868 | $301,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $291,000 |
| BUD | Anheuser-Busch InBev ADR | 0.00% | 3,981 | $287,000 |
| KHC | Kraft Heinz Co | 0.00% | 6,000 | $245,000 |
| NKE | Nike Inc - Cl B | 0.00% | 1,542 | $238,000 |
| — | Alleghany Corp | 0.00% | 324 | $216,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 11,475 | $154,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $151,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 1,000,000 | $84,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MA | Mastercard Inc Cl A | 11.61% | 3,574,240 | $1,272,608,000 |
| BRK/A | Berkshire Hathaway Inc Cl A | 11.45% | 3,255 | $1,255,460,000 |
| NSRGY | Nestle SA-Spons ADR | 10.20% | 10,021,937 | $1,117,546,000 |
| GOOG | Alphabet Inc Cl C | 7.90% | 418,759 | $866,257,000 |
| PM | Philip Morris International In | 6.56% | 8,107,660 | $719,474,000 |
| HKHHF | Heineken Holding NV | 6.20% | 7,615,609 | $679,352,000 |
| PDRDF | Pernod Ricard | 6.00% | 3,497,803 | $657,960,000 |
| CFRHF | Compagnie Financiere Richemont | 5.85% | 6,650,061 | $641,159,000 |
| — | Unilever PLC ADR | 5.11% | 10,035,427 | $560,278,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 4.63% | 1,984,710 | $507,034,000 |
| JPM | J.P. Morgan Chase | 4.28% | 3,079,795 | $468,837,000 |
| MLM | Martin Marietta Materials | 3.89% | 1,270,550 | $426,676,000 |
| BUDFF | Anheuser-Busch InBev SA | 3.18% | 5,521,279 | $348,792,000 |
| CMCSA | Comcast Corp New Cl A | 2.73% | 5,531,300 | $299,299,000 |
| BABA | Alibaba Group Hldg Ltd Spons A | 2.32% | 1,119,994 | $253,936,000 |
| BF/A | Brown-Forman Corp Cl A | 1.73% | 2,982,153 | $189,874,000 |
| AHTGBP | Ashtead Group PLC | 1.38% | 2,525,046 | $150,744,000 |
| CABO | Cable One Inc | 1.30% | 77,671 | $142,011,000 |
| V | Visa Inc Cl A | 0.80% | 415,066 | $87,882,000 |
| BF/B | Brown-Forman Corp Cl B | 0.75% | 1,195,565 | $82,458,000 |
| WFC | Wells Fargo | 0.42% | 1,179,800 | $46,095,000 |
| MO | Altria Group Inc | 0.16% | 337,615 | $17,272,000 |
| VMC | Vulcan Materials | 0.10% | 67,500 | $11,391,000 |
| — | Swedish Match AB | 0.10% | 138,188 | $10,809,000 |
| DVDCF | Davide Campari-Milano NV | 0.09% | 893,236 | $10,028,000 |
| XOM | Exxon Mobil Corp | 0.09% | 176,007 | $9,826,000 |
| — | Crane | 0.07% | 83,553 | $7,846,000 |
| MKL | Markel Corp | 0.07% | 6,712 | $7,649,000 |
| HRL | Hormel Foods Corp | 0.06% | 143,021 | $6,834,000 |
| — | Outfront Media Inc | 0.06% | 308,085 | $6,725,000 |
| AXP | American Express | 0.06% | 44,566 | $6,303,000 |
| PG | Procter & Gamble | 0.05% | 42,583 | $5,767,000 |
| — | Compagnie Financiere Richemont | 0.05% | 14,671,544 | $5,612,000 |
| DOV | Dover Corp | 0.04% | 34,682 | $4,756,000 |
| NSRGF | Nestle SA-REG | 0.04% | 42,370 | $4,742,000 |
| MKC | McCormick Inc | 0.04% | 50,000 | $4,458,000 |
| HINKF | Heineken NV | 0.04% | 40,166 | $4,136,000 |
| UNP | Union Pac Corp | 0.03% | 17,016 | $3,750,000 |
| CABJF | Carlsberg B A/S | 0.03% | 21,811 | $3,359,000 |
| PEP | Pepsico Inc | 0.03% | 23,049 | $3,260,000 |
| — | Anheuser-Busch InBev SA Restri | 0.03% | 51,578 | $3,258,000 |
| MLKN | Herman Miller Inc | 0.03% | 69,021 | $2,840,000 |
| LRLCF | Loreal SA | 0.03% | 7,365 | $2,829,000 |
| PNC | PNC Bank Corp | 0.02% | 14,913 | $2,616,000 |
| — | Unilever PLC | 0.02% | 46,250 | $2,586,000 |
| — | Eaton Vance Sr Income TR SF | 0.02% | 360,956 | $2,393,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 1,077 | $2,221,000 |
| DANOY | Danone ADR | 0.02% | 154,945 | $2,131,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 224,346 | $1,972,000 |
| COST | Costco Whsl Corp | 0.02% | 5,294 | $1,866,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 20 | $1,838,000 |
| FMX | Fomento Economico Mex Sp ADR | 0.02% | 23,621 | $1,779,000 |
| ABT | Abbott Labs | 0.01% | 11,975 | $1,435,000 |
| — | Dupont De Nemours Inc | 0.01% | 17,893 | $1,383,000 |
| ABBV | AbbVie Inc | 0.01% | 12,610 | $1,365,000 |
| — | Pernod-Ricard SA-Unspon ADR | 0.01% | 35,024 | $1,318,000 |
| FULT | Fulton Finl Corp | 0.01% | 74,421 | $1,267,000 |
| KO | Coca-Cola | 0.01% | 23,327 | $1,230,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 127,300 | $1,227,000 |
| DOW | Dow Inc | 0.01% | 18,795 | $1,202,000 |
| DIS | Disney Walt Productions | 0.01% | 5,202 | $960,000 |
| DGEAF | Diageo PLC | 0.01% | 22,851 | $943,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,403 | $937,000 |
| HEINY | Heineken NV Spons ADR | 0.01% | 16,837 | $867,000 |
| MSFT | Microsoft Corp | 0.01% | 3,577 | $843,000 |
| AAPL | Apple Computer Inc | 0.01% | 6,348 | $775,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,035 | $755,000 |
| CTVA | Corteva Inc | 0.01% | 15,462 | $721,000 |
| GHC | Graham Holdings Co | 0.01% | 1,146 | $645,000 |
| TFC | Truist Financial Corp | 0.01% | 10,555 | $616,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 4,480 | $609,000 |
| — | Reckitt Benckiser Group PLC | 0.01% | 6,670 | $598,000 |
| MCD | McDonalds Corp | 0.00% | 2,280 | $511,000 |
| CVX | Chevron Corp | 0.00% | 4,817 | $505,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 10,750 | $479,000 |
| LTGIF | LT Group Inc | 0.00% | 1,525,000 | $424,000 |
| — | Pioneer Nat Res | 0.00% | 2,500 | $397,000 |
| MRK | Merck Inc | 0.00% | 3,858 | $297,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $281,000 |
| DHR | Danaher Corp | 0.00% | 1,183 | $266,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $265,000 |
| BUD | Anheuser-Busch InBev ADR | 0.00% | 3,981 | $250,000 |
| KHC | Kraft Heinz Co | 0.00% | 6,000 | $240,000 |
| CC | Chemours Co | 0.00% | 8,320 | $232,000 |
| — | Alleghany Corp | 0.00% | 324 | $203,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $140,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 11,475 | $129,000 |
| — | Hostess Brands Inc Wts Exp 11/ | 0.00% | 80,000 | $116,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 1,000,000 | $95,000 |
| BOIVF | Bollore | 0.00% | 13,500 | $65,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MA | Mastercard Inc Cl A | 14.02% | 4,330,106 | $1,545,588,000 |
| NSRGY | Nestle SA-Spons ADR | 11.14% | 10,420,007 | $1,227,477,000 |
| BRK/A | Berkshire Hathaway Inc Cl A | 10.79% | 3,419 | $1,189,179,000 |
| GOOG | Alphabet Inc Cl C | 6.87% | 432,171 | $757,112,000 |
| HKHHF | Heineken Holding NV | 6.77% | 7,911,557 | $745,858,000 |
| PDRDF | Pernod Ricard | 6.76% | 3,886,758 | $745,685,000 |
| PM | Philip Morris International In | 6.31% | 8,407,300 | $696,040,000 |
| — | Unilever PLC ADR | 6.11% | 11,155,624 | $673,353,000 |
| CFRHF | Compagnie Financiere Richemont | 5.76% | 7,004,407 | $634,553,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 4.30% | 2,042,091 | $473,500,000 |
| JPM | J.P. Morgan Chase | 4.14% | 3,591,104 | $456,322,000 |
| BUDFF | Anheuser-Busch InBev SA | 3.73% | 5,896,294 | $411,294,000 |
| MLM | Martin Marietta Materials | 3.60% | 1,395,833 | $396,375,000 |
| CMCSA | Comcast Corp New Cl A | 2.72% | 5,714,957 | $299,464,000 |
| BF/A | Brown-Forman Corp Cl A | 2.05% | 3,070,626 | $225,599,000 |
| BF/B | Brown-Forman Corp Cl B | 0.91% | 1,259,287 | $100,025,000 |
| V | Visa Inc Cl A | 0.89% | 450,194 | $98,471,000 |
| CABO | Cable One Inc | 0.71% | 35,246 | $78,519,000 |
| WFC | Wells Fargo | 0.40% | 1,475,702 | $44,537,000 |
| AHTGBP | Ashtead Group PLC | 0.23% | 542,610 | $25,500,000 |
| MO | Altria Group Inc | 0.13% | 359,729 | $14,749,000 |
| — | Swedish Match AB | 0.11% | 152,839 | $11,870,000 |
| DVDCF | Davide Campari-Milano NV | 0.10% | 927,711 | $10,602,000 |
| DEO | Diageo PLC Sponsored ADR | 0.09% | 65,776 | $10,446,000 |
| VMC | Vulcan Materials | 0.09% | 68,370 | $10,140,000 |
| AXP | American Express | 0.07% | 65,966 | $7,976,000 |
| XOM | Exxon Mobil Corp | 0.07% | 175,439 | $7,232,000 |
| — | Crane | 0.06% | 90,484 | $7,027,000 |
| MKL | Markel Corp | 0.06% | 6,772 | $6,998,000 |
| HRL | Hormel Foods Corp | 0.06% | 144,071 | $6,715,000 |
| — | Outfront Media Inc | 0.06% | 320,362 | $6,266,000 |
| PG | Procter & Gamble | 0.05% | 37,352 | $5,197,000 |
| NSRGF | Nestle SA-REG | 0.05% | 42,370 | $4,997,000 |
| MKC | McCormick Inc | 0.04% | 51,492 | $4,923,000 |
| DOV | Dover Corp | 0.04% | 36,734 | $4,638,000 |
| MLKN | Herman Miller Inc | 0.04% | 137,056 | $4,632,000 |
| HINKF | Heineken NV | 0.04% | 40,588 | $4,530,000 |
| — | Compagnie Financiere Richemont | 0.03% | 14,130,076 | $3,677,000 |
| — | Anheuser-Busch InBev SA Restri | 0.03% | 51,578 | $3,597,000 |
| UNP | Union Pac Corp | 0.03% | 16,949 | $3,529,000 |
| CABJF | Carlsberg B A/S | 0.03% | 22,006 | $3,528,000 |
| PEP | Pepsico Inc | 0.03% | 23,562 | $3,494,000 |
| LRLCF | Loreal SA | 0.03% | 8,711 | $3,313,000 |
| FMX | Fomento Economico Mex Sp ADR | 0.03% | 40,641 | $3,079,000 |
| — | Unilever PLC | 0.03% | 46,250 | $2,805,000 |
| KO | Coca-Cola | 0.02% | 47,329 | $2,596,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 25 | $2,500,000 |
| PNC | PNC Bank Corp | 0.02% | 14,938 | $2,226,000 |
| DANOY | Danone ADR | 0.02% | 167,422 | $2,203,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 1,231 | $2,157,000 |
| — | Eaton Vance Sr Income TR SF | 0.02% | 327,423 | $2,082,000 |
| COST | Costco Whsl Corp | 0.02% | 5,395 | $2,033,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 220,928 | $1,975,000 |
| — | Pernod-Ricard SA-Unspon ADR | 0.01% | 35,765 | $1,372,000 |
| ABBV | AbbVie Inc | 0.01% | 12,610 | $1,351,000 |
| ABT | Abbott Labs | 0.01% | 11,975 | $1,311,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,132 | $1,289,000 |
| DGEAF | Diageo PLC | 0.01% | 31,351 | $1,233,000 |
| AAPL | Apple Computer Inc | 0.01% | 8,748 | $1,161,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 128,018 | $1,160,000 |
| — | Reckitt Benckiser Group PLC | 0.01% | 12,159 | $1,087,000 |
| DOW | Dow Inc | 0.01% | 19,003 | $1,055,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,658 | $1,036,000 |
| HEINY | Heineken NV Spons ADR | 0.01% | 18,112 | $1,011,000 |
| FULT | Fulton Finl Corp | 0.01% | 74,671 | $950,000 |
| DIS | Disney Walt Productions | 0.01% | 5,202 | $943,000 |
| MSFT | Microsoft Corp | 0.01% | 3,627 | $807,000 |
| CVX | Chevron Corp | 0.01% | 8,264 | $698,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,125 | $676,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 4,480 | $646,000 |
| GHC | Graham Holdings Co | 0.01% | 1,163 | $620,000 |
| CTVA | Corteva Inc | 0.01% | 15,831 | $613,000 |
| MTB | M & T Bk Corp | 0.01% | 4,550 | $579,000 |
| TFC | Truist Financial Corp | 0.00% | 10,514 | $504,000 |
| MCD | McDonalds Corp | 0.00% | 2,280 | $489,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 10,300 | $486,000 |
| LTGIF | LT Group Inc | 0.00% | 1,525,000 | $416,000 |
| MRK | Merck Inc | 0.00% | 3,944 | $323,000 |
| DHR | Danaher Corp | 0.00% | 1,333 | $296,000 |
| — | Pioneer Nat Res | 0.00% | 2,500 | $285,000 |
| BUD | Anheuser-Busch InBev ADR | 0.00% | 3,981 | $278,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $259,000 |
| — | Royal Dutch Shell PLC ADR A | 0.00% | 6,817 | $240,000 |
| JCDXF | JC Decaux SA ACT | 0.00% | 10,500 | $239,000 |
| NKE | Nike Inc - Cl B | 0.00% | 1,617 | $229,000 |
| — | Hostess Brands Inc Wts Exp 11/ | 0.00% | 135,000 | $215,000 |
| KHC | Kraft Heinz Co | 0.00% | 6,000 | $208,000 |
| CC | Chemours Co | 0.00% | 8,244 | $204,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $135,000 |
| DVCMY | Davide Campari-Milano ADR | 0.00% | 11,475 | $131,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 1,000,000 | $107,000 |
| BOIVF | Bollore | 0.00% | 13,500 | $56,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MA | Mastercard Inc Cl A | 16.07% | 4,891,460 | $1,654,145,000 |
| NSRGY | Nestle SA-Spons ADR | 12.84% | 11,084,028 | $1,321,826,000 |
| BRK/A | Berkshire Hathaway Inc Cl A | 11.08% | 3,563 | $1,140,164,000 |
| UNUSD | Unilever NV ADR | 6.85% | 11,668,433 | $704,773,000 |
| PDRDF | Pernod Ricard | 6.61% | 4,259,293 | $680,023,000 |
| HKHHF | Heineken Holding NV | 6.27% | 8,285,690 | $645,642,000 |
| GOOG | Alphabet Inc Cl C | 6.21% | 435,045 | $639,342,000 |
| PM | Philip Morris International In | 6.01% | 8,248,722 | $618,572,000 |
| CFRHF | Compagnie Financiere Richemont | 4.82% | 7,384,381 | $495,909,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 4.38% | 2,116,145 | $450,612,000 |
| JPM | J.P. Morgan Chase | 3.53% | 3,776,377 | $363,552,000 |
| MLM | Martin Marietta Materials | 3.43% | 1,500,938 | $353,261,000 |
| BUDFF | Anheuser-Busch InBev SA | 3.22% | 6,105,623 | $330,960,000 |
| CMCSA | Comcast Corp New Cl A | 2.23% | 4,950,823 | $229,025,000 |
| BF/A | Brown-Forman Corp Cl A | 2.21% | 3,306,343 | $227,080,000 |
| BF/B | Brown-Forman Corp Cl B | 0.97% | 1,321,658 | $99,547,000 |
| V | Visa Inc Cl A | 0.92% | 472,931 | $94,572,000 |
| WFC | Wells Fargo | 0.36% | 1,583,309 | $37,224,000 |
| DEO | Diageo PLC Sponsored ADR | 0.25% | 190,486 | $26,222,000 |
| MO | Altria Group Inc | 0.14% | 369,452 | $14,276,000 |
| — | Swedish Match AB | 0.12% | 154,765 | $12,672,000 |
| AHTGBP | Ashtead Group PLC | 0.12% | 334,995 | $12,126,000 |
| DVDCF | Davide Campari-Milano NV | 0.09% | 877,266 | $9,587,000 |
| VMC | Vulcan Materials | 0.09% | 66,279 | $8,983,000 |
| AXP | American Express | 0.08% | 79,893 | $8,009,000 |
| HRL | Hormel Foods Corp | 0.07% | 144,171 | $7,049,000 |
| MKL | Markel Corp | 0.07% | 7,127 | $6,940,000 |
| XOM | Exxon Mobil Corp | 0.06% | 178,324 | $6,122,000 |
| PG | Procter & Gamble | 0.05% | 39,129 | $5,439,000 |
| MKC | McCormick Inc | 0.05% | 26,771 | $5,196,000 |
| NSRGF | Nestle SA-REG | 0.05% | 42,250 | $5,028,000 |
| — | Crane | 0.05% | 92,618 | $4,643,000 |
| — | Outfront Media Inc | 0.04% | 315,591 | $4,592,000 |
| MLKN | Herman Miller Inc | 0.04% | 142,772 | $4,306,000 |
| DOV | Dover Corp | 0.04% | 39,160 | $4,243,000 |
| HINKF | Heineken NV | 0.04% | 40,588 | $3,612,000 |
| UNP | Union Pac Corp | 0.03% | 16,876 | $3,322,000 |
| PEP | Pepsico Inc | 0.03% | 23,662 | $3,280,000 |
| — | Anheuser-Busch InBev SA Restri | 0.03% | 51,578 | $2,795,000 |
| UNA | Unilever NV | 0.03% | 46,250 | $2,793,000 |
| FMX | Fomento Economico Mex Sp ADR | 0.03% | 48,332 | $2,716,000 |
| KO | Coca-Cola | 0.03% | 52,672 | $2,600,000 |
| DANOY | Danone ADR | 0.02% | 185,318 | $2,400,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 25 | $2,231,000 |
| LRLCF | Loreal SA | 0.02% | 6,571 | $2,139,000 |
| GOOGL | Alphabet Inc Cl A | 0.02% | 1,334 | $1,955,000 |
| COST | Costco Whsl Corp | 0.02% | 5,393 | $1,914,000 |
| PNC | PNC Bank Corp | 0.02% | 16,988 | $1,867,000 |
| SWZ | Swiss Helvetia FD Inc | 0.02% | 217,561 | $1,801,000 |
| — | Pernod-Ricard SA-Unspon ADR | 0.02% | 48,574 | $1,551,000 |
| HEINY | Heineken NV Spons ADR | 0.01% | 31,127 | $1,385,000 |
| — | Reckitt Benckiser Group PLC | 0.01% | 13,480 | $1,317,000 |
| ABT | Abbott Labs | 0.01% | 11,975 | $1,303,000 |
| CFRUY | Compagnie Financiere Richemont | 0.01% | 170,379 | $1,144,000 |
| DGEAF | Diageo PLC | 0.01% | 33,086 | $1,133,000 |
| ABBV | AbbVie Inc | 0.01% | 12,610 | $1,105,000 |
| FULT | Fulton Finl Corp | 0.01% | 117,184 | $1,093,000 |
| AAPL | Apple Computer Inc | 0.01% | 9,048 | $1,048,000 |
| — | Dupont De Nemours Inc | 0.01% | 18,054 | $1,002,000 |
| CABJF | Carlsberg B A/S | 0.01% | 6,996 | $943,000 |
| DOW | Dow Inc | 0.01% | 18,776 | $883,000 |
| LVMHF | LVMH Moet Hennessy Louis Vuitt | 0.01% | 1,743 | $816,000 |
| MSFT | Microsoft Corp | 0.01% | 3,445 | $725,000 |
| JCDXF | JC Decaux SA ACT | 0.01% | 38,500 | $667,000 |
| CVX | Chevron Corp | 0.01% | 8,970 | $646,000 |
| DIS | Disney Walt Productions | 0.01% | 5,203 | $646,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 4,580 | $641,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 8,125 | $538,000 |
| MCD | McDonalds Corp | 0.01% | 2,345 | $515,000 |
| GHC | Graham Holdings Co | 0.00% | 1,159 | $468,000 |
| CTVA | Corteva Inc | 0.00% | 15,780 | $455,000 |
| MTB | M & T Bk Corp | 0.00% | 4,511 | $415,000 |
| TFC | Truist Financial Corp | 0.00% | 10,463 | $398,000 |
| MRK | Merck Inc | 0.00% | 3,935 | $326,000 |
| CABO | Cable One Inc | 0.00% | 168 | $317,000 |
| DHR | Danaher Corp | 0.00% | 1,333 | $287,000 |
| LTGIF | LT Group Inc | 0.00% | 1,525,000 | $283,000 |
| HKHHY | Heineken Holding NV ADR | 0.00% | 6,748 | $263,000 |
| ORCL | Oracle Corp | 0.00% | 4,000 | $239,000 |
| — | Royal Dutch Shell PLC ADR A | 0.00% | 9,146 | $230,000 |
| — | Pioneer Nat Res | 0.00% | 2,500 | $215,000 |
| NKE | Nike Inc - Cl B | 0.00% | 1,617 | $203,000 |
| — | Hostess Brands Inc Wts Exp 11/ | 0.00% | 215,000 | $176,000 |
| CIR | Cir SPA | 0.00% | 251,250 | $115,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 1,000,000 | $94,000 |
| BOIVF | Bollore | 0.00% | 13,500 | $50,000 |
Investor background
Thomas Russo
“We look for companies with the capacity to reinvest and the capacity to suffer.”
Thomas Russo is the managing member of Gardner Russo & Quinn and the long-standing manager of the Semper Vic investment partnerships. He began managing the first Semper Vic global value partnership in 1983 and joined Gardner Investments in 1989. His career spans more than four decades across multiple market cycles, including inflationary periods, bubbles, crises and structural shifts in global consumer markets.
Russo’s reputation is built on consistency rather than isolated success. He has applied a single investment philosophy over an unusually long period, often holding companies for ten, twenty or more years.
He focuses on global businesses that generate cash in developed markets and reinvest it in emerging ones. These companies typically have strong brands, pricing power, loyal customers and the ability to compound capital at high rates. Many also have meaningful family or controlling shareholder influence.
A key concept in his approach is the “capacity to suffer.” Long-term investments in new markets, brand building or distribution expansion often depress short-term earnings. Russo seeks companies whose owners and managers are willing to accept this temporary pain in exchange for long-term value creation.
The same idea applies to investors. Holding such businesses requires tolerance for volatility, valuation compression and long periods of underperformance. Low turnover and tax efficiency are therefore structural features of his approach.
Russo qualifies as a super investor because he has built a coherent system linking global brands, reinvestment economics, governance and investor psychology. His concentrated portfolio ensures that each decision has meaningful long-term impact.
He remains closely involved in investment decisions, although Gardner Russo & Quinn operates as an institutional investment firm rather than a single-manager account.